Piper Sandler lowered the firm’s price target on Sage Therapeutics (SAGE) to $26 from $52 to reflect the company’s re-priotization on Zurzuvae, while keeping an Overweight rating on the shares. The firm notes Sage announced another strong quarter for Zurzuvae’s launch with $11M in collaboration revenue from about 2K scripts shipped and delivered in Q3. With Phase 2 DIMENSION topline guided for Q4 2024, the bogey is a clinically meaningful separation in SDMT between dalzanemdor-treated patients vs placebo. Accordingly, Piper remains bullish on the name with recent salesforce expansion and topline data for dalzanemdor in Huntington’s disease, which represents another value driving opportunity for the name.
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