RBC Capital analyst Brian Abrahams upgraded Sage Therapeutics (SAGE) to Outperform from Sector Perform with a price target of $60, up from $40. RBC’s physician survey shows increased receptivity to Sage’s "lead value driving drug" zuranolone versus an earlier survey, the analyst tells investors in a research note. As a result, the firm took up its peak sales estimate to $1.9B. The recent announcement that no FDA panel will be required further de-risks zuranolone’s U.S. approvability, adds the firm, which raised the drug’s probability of success to 75%. RBC believes Friday’s share weakness on broader sector concerns about SVB Financial (SIVB) was excessive given Sage’s likely limited exposure and creates a buying opportunity.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on SAGE:
- Sage Therapeutics upgraded to Outperform from Sector Perform at RBC Capital
- No ad com suggests positive potential outcome for Sage’s zura, says BofA
- Biogen, Sage Therapeutics: FDA has no plans to discuss NDA for zuranolone
- Sage Therapeutics: EMA grants Orphan Drug Designation to SAGE-718
- Sage Therapeutics price target raised to $45 from $37 at Mizuho