Oppenheimer lowered the firm’s price target on Sage Therapeutics (SAGE) to $8 from $9 and keeps an Outperform rating on the shares. The firm notes Sage reported Q3 results with $11.9M total revenue, $113.1M OpEx, and $569.2M cash expected to provide runway into 2026. SAGE-718 failed Phase 2 LIGHTWAVE study for AD-MCI patients, prompting a strategic reorganization to prioritize Zurzuvae and the potential for dalzanemdor in HD-MCI ahead of Phase 2 DIMENSION results expected by year-end 2024, Oppenheimer adds. The firm anticipates commentary from Biogen (BIIB) on its Q3 2024 update.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SAGE:
- Sage Therapeutics price target lowered to $14 from $17 at Scotiabank
- Sage Therapeutics price target lowered to $26 from $52 at Piper Sandler
- Sage Therapeutics price target lowered to $14 from $25 at H.C. Wainwright
- Sage Therapeutics Reports Q3 Growth and Strategic Focus
- Sage Therapeutics reports Q3 EPS ($1.53) , consensus ($1.53)