BofA lowered the firm’s price target on Sage Therapeutics to $6 from $11 and keeps an Underperform rating on the shares after the Phase 2 LIGHTWAVE study evaluating dalzanemdor in Alzheimer’s disease did not meet the primary endpoint and Sage said it does not plan to continue developing the drug in this indicatation based on the negative readout. Sage continues to expect topline Phase 2 data from the DIMENSION trial evaluating dalzanemdor in Huntington’s later this year, and initial positive data from SURVEYOR provide some clinical validation, but the firm reiterates its view that significant clinical validation is still needed to de-risk the program.
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