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SAGE Therapeutics Inc (NASDAQ:SAGE) released Thursday positive top-line data from its Phase 2 study of SAGE-217 in major depressive disorder (MDD).
The news immediately propelled Sage's stock, rocketing it past previous highs to $169.58. Cowen thinks there’s still upside.
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The Rating
Cowen analyst Ritu Baral maintained an Outperform rating on Sage and raised his price target from $135 to $202.
The Thesis
The treatment demonstrated statistical significance within 12 hours, sustained efficacy for four weeks, and met primary endpoints with “impressive, rapid, durable effectiveness.”
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It also showed a positive safety profile with broad tolerance and common adverse effects. Previous concerns about elevated sedation levels were largely mitigated by night-time dosing and an altered capsule formulation.
“With a unique mechanism, superior efficacy, faster onset and good tolerability (as well potential benefits on sleep) compared to SSRIs, '217 can potentially become the first-line treatment for MDD with a potential for premium pricing to even branded SSRIs,” Baral wrote, noting that the program is ready for Phase 3.
Baral expects regulatory approval particularly considering the indication’s fast-track designation and Sage’s plan to pursue breakthrough designation. She anticipates peak MDD sales of $1.5 billion with potential additional sales for Parkinson’s and Essential tremor.
Price Action
At time of publication, Sage was trading up 76.5 percent at a rate of $162.22.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.