Truist lowered the firm’s price target on Sage Therapeutics (SAGE) to $18 from $22, while keeping a Hold rating on the share. The firm notes Zurzuvae launch is off to a promising start, but upside is capped given 50/50 profit share with Biogen (BIIB). On the pipeline front, visibility is poor given competitive dynamics in essential tremor and Huntington’s for SAGE-324 and dalzanemdor, respectively. Also, recent failure of dalzanemdor in Parkinson’s does not bode well for upcoming data read-outs in Huntington’s and Alzheimer’s disease.
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