Sage Therapeutics price target lowered to $8 from $13 at Truist

Truist lowered the firm’s price target on Sage Therapeutics (SAGE) to $8 from $13 and keeps a Hold rating on the shares after its Q3 results. The company’s Zurzuvae sales grew 48% sequentially as its launch is tracking well, and in a promotion-responsive market with broad coverage, the firm is constructive on the stock, the analyst tells investors in a research note. Truist notes however that Sage’s expenses are high with a Q3 cash burn of $82M, while the visibility into its cash runway “remains poor”.