Baird views Sage’s SURVEYOR as ‘failed phase 2a study’

Baird notes that Sage Therapeutics reported that the SURVEYOR study met its primary endpoint, but the firm views this as “a failed phase 2a study of dalzanemdor” given the “small numerical difference” seen between dalzanemdor and placebo on cognition. The firm, which anticipates today’s update from Sage on Huntington’s disease will have a slightly negative impact on the stock, has a Neutral rating and $15 price target on Sage shares.