Sage Therapeutics downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Jay Olson downgraded Sage Therapeutics to Perform from Outperform without a price target. The FDA rejected zuranolone for treatment of major depressive disorder based on lack of effectiveness, the analyst tells investors in a research note. The firm says the news comes as a “massive disappointment to MDD patients and caregivers in profound need of new treatment option.” Opco views the the CRL without an FDA advisory panel as convincing evidence that zuranolone will never be approved for MDD.