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.
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