Canaccord Genuity analyst Sumant Kulkarni maintained a Hold rating on SAGE Therapeutics (SAGE – Research Report) yesterday and set a price target of $8.00.
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Sumant Kulkarni has given his Hold rating due to a combination of factors influencing SAGE Therapeutics. Firstly, while there is potential in the Zurzuvae product for post-partum depression, uncertainty remains surrounding SAGE’s ability to capitalize on this opportunity, especially with the ongoing strategic review and recent unsolicited takeover approach by Biogen. The company’s decision not to accept the takeover bid leaves questions about its future strategic direction.
Additionally, there is a lack of clarity regarding SAGE’s pipeline, particularly with the awaited Phase 1 data for SAGE-319, which adds to the unpredictability. The need for SAGE to effectively reinvent itself and deliver promising initial data for investor confidence is crucial. Furthermore, due to these uncertainties, including the company’s restructuring efforts, Kulkarni has adjusted the price target from $9 to $8, reflecting a more cautious outlook on the immediate revenue prospects of Zurzuvae.
In another report released today, H.C. Wainwright also maintained a Hold rating on the stock with a $12.00 price target.