Sage Therapeutics price target lowered to $22 from $25 at RBC Capital

RBC Capital lowered the firm’s price target on Sage Therapeutics to $22 from $25 and keeps a Sector Perform rating on the shares. The firm is updating its model following the company’s announced expense reductions as well as the recent availability of FDA’s review documents on zuranolone, which is driving its reduced probability of success, or PoS, for the drug in MDD to 5%, the analyst tells investors in a research note. The PoS reduction is based on language in FDA documents suggesting inherent concerns about adverse effects and durability in that indication, RBC added.