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.
Published first on TheFly
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