Sage Therapeutics (SAGE) PT Lowered to $9 at Piper Sandler Following Coverage Transfer

Piper Sandler analyst David Amsellem lowered the price target on Sage Therapeutics (NASDAQ: SAGE) to $9.00 (from $26.00) while maintaining a Overweight rating.

The analyst said: "We are transferring coverage of Sage Therapeutics with an Overweight rating and $9 PT. Though the journey for GABAA receptor positive allosteric modulator (PAM) Zurzuvae (zuranolone) through its development and commercialization has been long and admittedly tortuous, particularly with a wide label in major depressive disorder (MDD) not bearing fruit, we would take a fresh look at SAGE shares in the context of what in our view is a strong rollout of the product in post-partum depression (PPD). Though the extent to which the cost structure will be slimmed down and hence the length of the cash runway is still not quite clear, we nonetheless believe that the shares are positioned for value recovery, in the context of our view that peak U.S. sales potential of $800M-$1B is realistic (SAGE books 50% of U.S. sales, per its co-promote with Biogen (BIIB; Neutral))."

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