Goldman Sachs analyst Salveen Richter downgraded Sage Therapeutics to Neutral from Buy with a $22 price target. While the firm recognizes the stock has pulled back significantly following the news that zuranolone received FDA approval for the treatment of adults with post-partum depression, or PPD, but was issued a complete response letter for zuranolone in major depressive disorder, or MDD, the firm is stepping to the sidelines as it awaits more clarity on the launch strategy in PPD and the path forward in MDD.
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