Sage Therapeutics (SAGE) 324 Data is Positive but More Detail on Side Effects is Needed - Mizuho Securities
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Mizuho Securities analyst Vamil Divan reiterated a Neutral rating and $81.00 price target on Sage Therapeutics (NASDAQ: SAGE) after partner Biogen (NASDAQ: BIIB) released topline Phase 2 data for SAGE-324 (n=67) that showed a statistically significant impact on reducing tremor from baseline as compared to placebo. The p value of 0.049 for the overall population was far from convincing but in a subgroup of patients with more severe tremor at baseline (n=47) the efficacy results were more impressive statistically (p=0.007), suggesting the drug may have a more clear role in that population.
The analyst stated "Limited details are provided in the press release on the side effects seen with patients on placebo to make proper comparisons, but we believe somnolence rates of 68% and dizziness rates of 38% would make it very challenging for the product to be a commercial success. A few movement disorder specialists we have spoken to have indicated that sedation rates above 20% for a drug in this condition would be problematic. We look to the company's comments on the 8am ET conference call to see if there are steps they can take with regard to the drug's dose or formulation to potentially improve the drug's overall benefit/risk profile."
Shares of Sage Therapeutics closed at $75.00 yesterday.
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