JPMorgan Downgrades Sage Therapeutics (SAGE) to Neutral

JPMorgan analyst Anupam Rama downgraded Sage Therapeutics (NASDAQ: SAGE) from Overweight to Neutral with a price target of $12.00 (from $18.00).

The analyst comments: "While we do believe that SAGE shares are likely undervalued on Zurzuvae in PPD alone, in our view, the market will take time to develop (thus upside could be more limited near term from Zurzuvae alone). Further, we believe the pipeline has more to prove at this point. Indeed, we see the Zurzuvae ramp as more of a grind up versus one that will inflect in the near term. Based on IQVIA scripts data, we acknowledge Zurzuvae trends are encouraging; however, it is too early in the launch to understand capture rate, and the company has cautioned that scripts data do not reflect all shipments."

For an analyst ratings summary and ratings history on Sage Therapeutics click here. For more ratings news on Sage Therapeutics click here.

Shares of Sage Therapeutics closed at $10.38 yesterday.

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