Sage Therapeutics (SAGE) PT Lowered to $84 at RBC Capital Following Earnings

RBC Capital analyst Brian Abrahams lowered the price target on Sage Therapeutics (NASDAQ: SAGE) to $84.00 (from $89.00) while maintaining a Sector Perform rating following results.

The analyst commented, "This morning, SAGE reported 1Q21 earnings and guided for $1.7B in cash by end-'21, for a burn rate of <$400M, reiterated expectations for the major WATERFALL readout to come in 2Q21, and presented additional encouraging data for '718 which we believe is being overlooked by the Street. Although mgmt sounded confident on the upcoming pivotal trial, we see shares as nearly fairly balancing improved conduct/dosing vs. unpredictable COVID dynamics and prior ph.III miss, though we still remain believers in the MDD opportunity and the multiple shots on goal. Tgt to $84 on model adjustments."

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