Citi opened a “90-day negative catalyst watch” on shares of Sage Therapeutics as part of the firm’s initiation with a Sell rating and $8 price target. The Phase 2 trial of SAGE-324 in essential tremor is expected to report topline data in mid-2024, the analyst tells investors in a research note. The firm believes there is a high probability of a negative outcome on the primary endpoint of TETRAS Upper Limb Total Score, for all doses being evaluated in the study. Furthermore, if the highest 60mg dose is able to statistically separate from placebo, Citi has concerns about the tolerabilty of this dose, the analyst adds. The firm sees up to 25%-30% share downside if KINETIC2 fails and expects Sage shares would trade below cash.
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