Sage Therapeutics price target raised to $34 from $24 at Scotiabank

Scotiabank analyst George Farmer raised the firm’s price target on Sage Therapeutics to $34 from $24 and keeps an Outperform rating on the shares. The analyst says a recent check-in with two obstetrics and gynecology doctors signals a weak start for the Zurzuvae commercial launch for treatment of post-partum depression, ostensibly due to private health insurance carriers’ hesitancy to pay. Nevertheless, the firm thinks that “hunger” for the drug, continued payer education, and eventual Medicaid adoption should provide upside. Sage shares could continue working going into major pipeline catalysts expected later this year, the analyst tells investors in a research note.