Sage Therapeutics data ‘head-scratcher and inconclusive,’ says Citi

Citi says Sage Therapeutics reported Phase 2 SURVEYOR topline data for dalzanemdor in Huntington’s disease cognitive impairment, which is inconclusive on drug efficacy based on “sparse details buried deeper” in the press release. Sage mentions a small numerical difference observed between dalzanemdor and placebo on HD-Cognitive Assessment Battery at day 28, the analyst tells investors in a research note. Citi believes the decision not to disclose numerical change post-treatment does not help in de-risking the upcoming randomized Phase 2 DIMENSION study in the second half of 2024. The firm keeps a Sell rating on the stock with an $8 price target, saying the data are a “head-scratcher and inconclusive.”