Needham & Company Reiterates Buy Rating on Sage Therapeutics (SAGE), Analysts Expects no Impact on Stock From the Recent Earning Readout
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Needham & Company analyst Ami Fadia reiterated a Buy rating and $85.00 price target on Sage Therapeutics (NASDAQ: SAGE) following the company's most recent quarterly report.
The analyst quotes: 4Q21 GAAP EPS came in at -$2.12, about $0.12 above our estimate of -$2.24 and $0.01 below consensus estimate of -$2.11. Variance vs. our estimate was driven by lower R&D expenses (+$8.9M var). Mgt anticipates ending 2022 with a cash balance of ~$1.3B. Mgt also provided a few pipeline updates in the press release. Key highlights include: (1) zuranolone was granted Fast Track designation for PPD in early 2022. (2) Data from SUNBIRD evaluating at home safe use of Zulresso for PPD expected in late 2022. (3) Additional details around initiation of studies for SAGE-718 and SAGE-324 in 2022, and (4) SAGE-904 is being discontinued as its early data did not meet company's target product profile. Overall, it was an uneventful print, and we do not anticipate any significant impact on the stock"
Shares of Sage Therapeutics closed at $32.61 yesterday.
By Vlad Schepkov | [email protected]
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