Needham & Company Starts Sage Therapeutics (SAGE) at Buy, Adding to Conviction List
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Needham & Company analyst Ami Fadia initiates coverage on Sage Therapeutics (NASDAQ: SAGE) with a Buy rating and a price target of $84.00 adding to Conviction List.
The analyst commented, "INVESTMENT THESIS: SAGE-217 AND NMDA/GABAA PLATFORM APPEAR UNAPPRECIATED. We believe: (1) Lead product SAGE-217 for major depressive disorder (MDD) and post-partum depression (PPD) could be submitted for approval as early as YE21 and act as a significant catalyst. We project total sales growing to ~$950M in 2026; our estimates are >20% above consensus for MDD. (2) Sage has a strong balance sheet to support development of its NMDA and GABAA platform to drive long term growth. Notable assets include SAGE-324 (essential tremor, Ph 2) and SAGE-718, (cognition, Ph 2).
THOUGHTS ON THE STOCK. SAGE is -47% YTD (versus +20% for the S&P 500) on the controversy around SAGE-217'S MOUNTAIN data and whether it can file for approval based on available data. We expect visibility into submission as well as pipeline growth to drive momentum."
Shares of Sage Therapeutics closed at $45.23 yesterday.
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Related EntitiesNeedham & Company, Standard & Poor's
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