Barry E. Greene, CEO, president, and director of Sage Therapeutics (NASDAQ:SAGE), increased his stake in the biopharma company by purchasing 14,500 additional shares on November 10 for a weighted average price of $34.4843. Shares of Sage Therapeutics rallied 7.5% in Tuesday’s extended trading session in reaction to the news.
As per an SEC filing, Greene paid a total consideration of nearly $0.5 million for his latest purchase of Sage Therapeutics stock. With this transaction, Greene now holds 46,940 shares of Sage Therapeutics. Generally, purchases by corporate insiders send positive signals to the investors and reflect their confidence in the company’s future prospects.
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Sage Therapeutics is developing medicines that target diseases and disorders of the brain, with a focus on three areas – depression, neurology, and neuropsychiatry. The company’s first product, Zulresso CIV injection, is approved in the U.S. for the treatment of postpartum depression in adults. Zulresso, which started generating revenue in Q2 2019, is the only approved product in the company’s portfolio.
Is Sage Therapeutics a Good Buy?
Currently, Wall Street is sidelined on Sage Therapeutics stock, with a Hold consensus rating based on two Buys and six Holds. The average SAGE stock price target of $46.13 suggests nearly 31% upside potential from current levels. Shares have declined over 17% year-to-date.