Canaccord analyst Sumant Kulkarni lowered the firm’s price target on Sage Therapeutics to $9 from $17 and keeps a Hold rating on the shares. The firm said there has been some rationalization of costs but, they are still somewhat surprised the company’s runway does not extend beyond its reaffirmed “into 2026” outlook. As such, Canaccord believes that balancing spending with commercial performance and high-risk/high-reward pipeline initiatives is key.
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