UPDATE: Stifel Starts Sage Therapeutics (SAGE) at Buy
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(Updated - November 14, 2016 9:11 AM EST)
Stifel initiated coverage on Sage Therapeutics (NASDAQ: SAGE) with a Buy rating and a price target of $90.
Analyst Katherine Breedis said, "SAGE has a strong management with broad depth of pharma/biotech experience in developing therapeutics for diseases of the Central Nervous System (CNS). We view SAGE as a CNS platform company with lead asset SAGE-547, a GABA A allosteric modulator in Ph.III for treatment of Super Refractive Status Epilepticus (SRSE, a severe form of epilepsy), and soon-to-start Ph.III in severe postpartum depression (PPD), both of which are of high unmet medical need. The company also has Ph.II SAGE-217, a highly potent oral GABA A allosteric modulator for multiple indications, and early stage SAGE-718 (NMDA agonist) for orphan indications."
The analyst added, "We see significant upside potential to SAGE shares as pipeline visibility grows; there are eight key data read-outs in 2017, a high volume of news flow for a company of this size, in our view. We forecast SAGE’s first product launch in 2018, with revenues for SAGE-547 in SRSE alone growing to over $1.4 billion by 2025. While SAGE-547 is the key driver of our $90 DCF valuation, we further see upside to our valuation as we garner greater visibility on potential pathway to registration for other early-to-mid stage pipeline assets."
Shares of Sage Therapeutics closed at $51.60 yesterday.
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