Leerink Partners Resumes Sage Therapeutics (SAGE) at Outperform
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Leerink Partners resumes coverage on Sage Therapeutics (NASDAQ: SAGE) with a Outperform rating and a price target of $68.00.
Analyst Paul Matteis commented, "We believe compelling data for SAGE-547 in postpartum depression, validated by Breakthrough Therapy Designation (BTD) from FDA, support both (1) a meaningful revenue opportunity within PPD and (2) our optimism that the SAGE GABA-modulation platform may have broad applicability beyond seizure across an array of psychiatric indications. Nearer term, we are positively inclined on SAGE shares ahead of ph3 Super Refractory Status Epilepticus (SRSE) data in 1H17. Though our 60% probability-of-success is slightly below ph3 average, it incorporates both our conviction that the drug is active, and some caution surrounding the complexity of both the patient population and clinical trial. Intellectual property uncertainty to a degree caps the upside for '547, though we believe ph1 results suggest that SAGE's 1x/daily oral ('217) may be able to replicate '547's GABAergic effects with convenient dosing and patents out to 2034."
Shares of Sage Therapeutics closed at $45.64 yesterday.
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