Sage Therapeutics price target lowered to $4 from $7 at BofA

BofA lowered the firm’s price target on Sage Therapeutics (SAGE) to $4 from $7 and keeps an Underperform rating on the shares after the company reported that the phase 2 DIMENSION trial evaluating dalzanemdor in cognitive impairment associated with Huntington’s disease did not meet the primary endpoint. The firm, which is removing $75M in pipeline value from its model based on the update, notes the company had highlighted other assets in the early-stage pipeline and says it thinks “significant clinical validation will be needed before we can assign additional value to the pipeline.”