The Manufacturers Life Insurance Company Reduces Stock Holdings in Sage Therapeutics, Inc. (NASDAQ:SAGE)

The Manufacturers Life Insurance Company lessened its holdings in shares of Sage Therapeutics, Inc. (NASDAQ:SAGE) by 7.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 79,364 shares of the biopharmaceutical company’s stock after selling 6,786 shares during the period. The Manufacturers Life Insurance Company’s holdings in Sage Therapeutics were worth $573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new stake in Sage Therapeutics during the 2nd quarter worth about $177,000. Assenagon Asset Management S.A. grew its holdings in Sage Therapeutics by 6.8% during the second quarter. Assenagon Asset Management S.A. now owns 167,225 shares of the biopharmaceutical company’s stock worth $1,816,000 after acquiring an additional 10,632 shares during the period. Easterly Investment Partners LLC raised its position in Sage Therapeutics by 24.6% during the second quarter. Easterly Investment Partners LLC now owns 136,602 shares of the biopharmaceutical company’s stock valued at $1,483,000 after acquiring an additional 27,000 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Sage Therapeutics by 20.8% in the second quarter. Bank of New York Mellon Corp now owns 218,746 shares of the biopharmaceutical company’s stock valued at $2,376,000 after acquiring an additional 37,691 shares during the period. Finally, Pinnacle Associates Ltd. boosted its position in Sage Therapeutics by 2.6% in the 2nd quarter. Pinnacle Associates Ltd. now owns 293,251 shares of the biopharmaceutical company’s stock worth $3,185,000 after purchasing an additional 7,334 shares in the last quarter. 99.22% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SAGE has been the subject of several recent research reports. Scotiabank cut their target price on shares of Sage Therapeutics from $17.00 to $14.00 and set a “sector outperform” rating for the company in a report on Wednesday, October 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $26.00 price objective (down previously from $52.00) on shares of Sage Therapeutics in a report on Wednesday, October 30th. Bank of America lowered their target price on shares of Sage Therapeutics from $11.00 to $6.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 9th. Robert W. Baird cut their price target on Sage Therapeutics from $13.00 to $9.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Finally, Raymond James reiterated a “market perform” rating on shares of Sage Therapeutics in a research report on Thursday, October 10th. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Sage Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $12.35.

Sage Therapeutics Stock Performance

Shares of SAGE stock opened at $5.39 on Friday. Sage Therapeutics, Inc. has a fifty-two week low of $4.62 and a fifty-two week high of $28.26. The stock’s fifty day moving average is $6.20 and its two-hundred day moving average is $8.36. The firm has a market capitalization of $329.40 million, a P/E ratio of -0.97 and a beta of 0.87.

Sage Therapeutics (NASDAQ:SAGE) last posted its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported ($1.53) earnings per share for the quarter, missing the consensus estimate of ($1.52) by ($0.01). Sage Therapeutics had a negative return on equity of 50.29% and a negative net margin of 317.29%. The business had revenue of $11.87 million during the quarter, compared to analysts’ expectations of $10.80 million. During the same period in the prior year, the business posted ($2.81) earnings per share. The business’s quarterly revenue was up 337.1% on a year-over-year basis. On average, equities analysts forecast that Sage Therapeutics, Inc. will post -6.53 earnings per share for the current year.

About Sage Therapeutics

Sage Therapeutics, Inc, a biopharmaceutical company, develops and commercializes brain health medicines. Its product candidates include ZULRESSO, a CIV injection for the treatment of postpartum depression (PPD) in adults; and ZURZUVAE, a neuroactive steroid, a positive allosteric modulator of GABAA receptors, targeting both synaptic and extrasynaptic GABAA receptors, for the treatment of postpartum depression.