TD Cowen analyst Ritu Baral downgraded Sage Therapeutics to Hold from Buy with a price target of $10, down from $16. The firm is stepping aside pending the next pipeline catalysts and more clarity on Zurzuvae’s launch after SAGE-324’s Phase 2b trial failed in essential tremor. TD is awaiting further clarity on Sage’s next pipeline catalysts given the “murky” SAGE-718 data to date as well as progress on the Zurzuvae launch, which it believes is unlikely to drive near-term upside.
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