tiprankstipranks
Sage Therapeutics (NASDAQ:SAGE) Rises as CEO Loads Up On Stock
Market News

Sage Therapeutics (NASDAQ:SAGE) Rises as CEO Loads Up On Stock

Story Highlights

CEO of Sage Therapeutics bought additional shares of the company on November 10. Purchases by corporate insiders generally reflect their optimism in the company’s prospects.

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.

Interestingly, TipRanks also offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.

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.

Disclosure

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles