Bank of America Boosts Sage Therapeutics (NASDAQ:SAGE) Price Target to $61.00

Sage Therapeutics (NASDAQ:SAGE – Get Rating) had its price objective upped by Bank of America from $56.00 to $61.00 in a research report report published on Tuesday morning, The Fly reports.

SAGE has been the subject of a number of other reports. Mizuho upped their price target on Sage Therapeutics from $37.00 to $45.00 and gave the company a neutral rating in a research report on Friday, February 17th. StockNews.com began coverage on shares of Sage Therapeutics in a research report on Thursday, May 18th. They set a hold rating on the stock. Citigroup upped their price objective on shares of Sage Therapeutics from $40.00 to $46.00 and gave the company a neutral rating in a report on Friday, February 17th. Needham & Company LLC reaffirmed a buy rating and set a $70.00 target price on shares of Sage Therapeutics in a research note on Friday, February 17th. Finally, Royal Bank of Canada raised their price target on shares of Sage Therapeutics from $60.00 to $63.00 in a report on Wednesday, May 3rd. Nine equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $51.54.

Sage Therapeutics Stock Down 4.8 %

Shares of NASDAQ:SAGE opened at $49.15 on Tuesday. Sage Therapeutics has a 1 year low of $30.67 and a 1 year high of $54.86. The business’s 50 day moving average price is $46.65 and its 200-day moving average price is $42.97.

Sage Therapeutics (NASDAQ:SAGE – Get Rating) last released its earnings results on Tuesday, May 2nd. The biopharmaceutical company reported ($2.46) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.50) by $0.04. The business had revenue of $3.30 million during the quarter, compared to analyst estimates of $2.28 million. Sage Therapeutics had a negative net margin of 5,932.09% and a negative return on equity of 42.32%. The company’s revenue for the quarter was up 120.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($2.07) earnings per share. As a group, equities research analysts anticipate that Sage Therapeutics will post -8.04 EPS for the current year.

Insider Activity at Sage Therapeutics

In other news, Director Elizabeth Barrett bought 1,000 shares of the stock in a transaction that occurred on Tuesday, May 9th. The stock was bought at an average cost of $50.50 per share, for a total transaction of $50,500.00. Following the acquisition, the director now directly owns 1,000 shares of the company’s stock, valued at approximately $50,500. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Sage Therapeutics

A number of hedge funds have recently added to or reduced their stakes in SAGE. Advisor Group Holdings Inc. increased its position in shares of Sage Therapeutics by 63.6% during the first quarter. Advisor Group Holdings Inc. now owns 11,406 shares of the biopharmaceutical company’s stock worth $378,000 after acquiring an additional 4,432 shares during the period. Bank of New York Mellon Corp grew its position in shares of Sage Therapeutics by 3.0% during the first quarter. Bank of New York Mellon Corp now owns 352,623 shares of the biopharmaceutical company’s stock worth $11,672,000 after buying an additional 10,134 shares in the last quarter. MetLife Investment Management LLC purchased a new stake in shares of Sage Therapeutics during the first quarter worth approximately $34,000. Vanguard Group Inc. raised its holdings in Sage Therapeutics by 1.0% in the first quarter. Vanguard Group Inc. now owns 4,625,003 shares of the biopharmaceutical company’s stock valued at $153,088,000 after acquiring an additional 46,762 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in Sage Therapeutics by 4.1% in the first quarter. First Trust Advisors LP now owns 844,652 shares of the biopharmaceutical company’s stock worth $27,958,000 after acquiring an additional 33,218 shares during the last quarter. 85.60% of the stock is currently owned by institutional investors and hedge funds.

About Sage Therapeutics

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SAGE Therapeutics, Inc is a biopharmaceutical company, which engages in the development and commercialization of novel medicines. It targets diseases and disorders of the brain with three key focus areas: depression, neurology, and neuropsychiatry. The company was founded by Steven Marc Paul and Douglas Covey on April 16, 2010, and is headquartered in Cambridge, MA.