Piper Sandler lowered the firm’s price target on Sage Therapeutics (SAGE) to $9 from $26 and keeps an Overweight rating on the shares following a transfer of coverage. The firm recommends taking a “fresh look” at the shares in the context of what in it views as a strong rollout of Zurzuvae in post-partum depression. Though the extent to which the cost structure will be slimmed down and length of the cash runway “is still not quite clear,” the shares are positioned for a “value recovery,” the analyst tells investors in a research note. Piper believes Zurzuvae’s peak U.S. sales has the potential to research $800M to $1B.
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