TD Cowen Reiterates Buy Rating on Sage Therapeutics (SAGE)

TD Cowen analyst Ritu Baral reiterated a Buy rating and $16.00 price target on Sage Therapeutics (NASDAQ: SAGE).

The analyst commented, "SAGE released topline Ph2 SURVEYOR data in HD cog impairment vs HVs, showing a stat sig difference in baseline HD-CABs (p<0.0001). In the PBO-controlled treatment part, a small numerical difference was reported between dalzanemdor and PBO on the HD-CAB at day 28. SAGE will use topline and subscale analysis (tba) to refine the Ph2 DIMENSION readout, also in HD cognitive impairment, in late 2024."

"Our Take: The Ph2 SURVEYOR study was not powered to show stat sig difference on the HD-CAB between dalzanemdor and PBO. Recall dalzanemdor missed in a prior Ph2 study in PD-MCI, with SAGE noting that the results were not necessarily predictive of success in the HD and AD Ph2 studies, given distinct underlying disease pathophysiology, NMDA signaling pathophysiology and different endpoint measures. NMDA receptor dysfunction is part of most cognitive deficit disorders, and so lack of signal from both studies (PD-MCI and HD cognitive), makes us cautious for the drug's promise on cognition."

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 $10.90 yesterday.

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