SunTrust Robinson Humphrey raised its price target on Sage Therapeutics (NASDAQ: SAGE) to $116.00 (from $82.00) while maintaining a Buy rating following recent positive top-line data from both Phase III trials for brexanolone in PPD.

Analyst Ed Nash said changes to their model projections are as follows:

1. Based on the positive top-line readout from both Phase III trials for IV brexanolone for PPD we have increased our probability of success from 70% to 80%. The 20% difference to 100% is based on regulatory risk.

2. Major depressive disorder (MDD) is the second of two mood disorders being investigated by SAGE for brexanolone. We have adjusted our penetration projections for brexanolone in MDD slightly in the out-years of our model to reflect a more reasonable usage.