Sage Therapeutics (SAGE) PT Lowered to $19 at Scotiabank

Scotiabank analyst George Farmer lowered the price target on Sage Therapeutics (NASDAQ: SAGE) to $19.00 (from $34.00) while maintaining a Sector Outperform rating.

The analyst commented: "Complete lack of improved cognitive performance in SAGE’s Phase 2 PRECEDENT trial evaluating dalzanemdor, a novel NMDA receptor modulator, for treatment of Parkinson’s disease-associated cognitive impairment does not bode well for the overall development program, in our view. This was a well-conducted, yet definitely negative study. Nevertheless, we see some glimmer of possibility that the drug may perform better in patients with Huntington’s disease (HD), based on known biology. Cutting probability of success from 20% to 10% on outcomes of the ongoing HD Phase 2 trials and to 5% for the Alzheimer’s disease (AD) trial expected to read out later this year, we lower our target to $19 from $34, and maintain our Sector Outperform rating based on an attractive pipeline risk/reward potential."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Piper Sandler Reiterates Overweight Rating on Estee Lauder (EL), 'F4Q26 Preview'
• BofA Securities Resumes American Eagle Outfitters (AEO) at Underperform