Investors Buy Large Volume of Sage Therapeutics Put Options (NASDAQ:SAGE)

Posted by Defense World Staff on Aug 1st, 2023

Sage Therapeutics, Inc. (NASDAQ:SAGE – Get Free Report) saw unusually large options trading on Monday. Traders bought 7,374 put options on the company. This represents an increase of 598% compared to the average volume of 1,056 put options.

Sage Therapeutics Trading Down 0.8 %

NASDAQ:SAGE opened at $34.68 on Tuesday. The stock’s 50-day moving average is $49.40 and its 200-day moving average is $46.51. The stock has a market cap of $2.07 billion, a P/E ratio of -3.62 and a beta of 1.12. Sage Therapeutics has a 1-year low of $32.13 and a 1-year high of $59.99.

Sage Therapeutics (NASDAQ:SAGE – Get Free Report) last announced its earnings results on Tuesday, May 2nd. The biopharmaceutical company reported ($2.46) EPS for the quarter, beating the consensus estimate of ($2.50) by $0.04. Sage Therapeutics had a negative return on equity of 42.32% and a negative net margin of 5,932.09%. The company had revenue of $3.30 million for the quarter, compared to analyst estimates of $2.28 million. During the same quarter in the prior year, the company earned ($2.07) EPS. The firm’s revenue for the quarter was up 120.0% compared to the same quarter last year. As a group, equities analysts forecast that Sage Therapeutics will post -8.02 EPS for the current year.

Analyst Upgrades and Downgrades

SAGE has been the topic of a number of research analyst reports. VNET Group reaffirmed a “maintains” rating on shares of Sage Therapeutics in a report on Wednesday, May 3rd. StockNews.com downgraded shares of Sage Therapeutics from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Scotiabank assumed coverage on shares of Sage Therapeutics in a report on Thursday, July 27th. They set an “outperform” rating for the company. Royal Bank of Canada increased their price target on Sage Therapeutics from $60.00 to $63.00 in a research note on Wednesday, May 3rd. Finally, Bank of America lifted their target price on Sage Therapeutics from $61.00 to $66.00 in a research report on Thursday, June 15th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Sage Therapeutics has a consensus rating of “Hold” and a consensus target price of $52.92.

Insiders Place Their Bets

In related news, Director Elizabeth Barrett purchased 1,000 shares of the firm’s stock in a transaction on Tuesday, May 9th. The shares were bought at an average price of $50.50 per share, for a total transaction of $50,500.00. Following the acquisition, the director now directly owns 1,000 shares in the company, valued at $50,500. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SAGE. Hanseatic Management Services Inc. purchased a new position in Sage Therapeutics in the 2nd quarter worth $34,000. MetLife Investment Management LLC bought a new position in shares of Sage Therapeutics during the first quarter valued at about $34,000. Tower Research Capital LLC TRC lifted its stake in shares of Sage Therapeutics by 257.1% in the 1st quarter. Tower Research Capital LLC TRC now owns 3,103 shares of the biopharmaceutical company’s stock valued at $130,000 after acquiring an additional 2,234 shares during the last quarter. Dark Forest Capital Management LP bought a new position in Sage Therapeutics during the 1st quarter worth approximately $134,000. Finally, Exchange Traded Concepts LLC grew its position in Sage Therapeutics by 33.2% during the 4th quarter. Exchange Traded Concepts LLC now owns 3,663 shares of the biopharmaceutical company’s stock worth $140,000 after acquiring an additional 914 shares during the last quarter. Hedge funds and other institutional investors own 92.97% of the company’s stock.

About Sage Therapeutics

(Get Free Report)

Sage Therapeutics, Inc, a biopharmaceutical company, develops and commercializes brain health medicines. Its product candidates include ZULRESSO, a CIV injection for the treatment of postpartum depression (PPD) in adults; zuranolone, a neuroactive steroid, which has completed Phase III clinical trials for treating PPD and major depressive disorders, as well as is in Phase II clinical trials for treatment resistant depression, generalized anxiety disorders, and bipolar depression; and SAGE-324, a compound that is in Phase II clinical trial to treat essential tremors, as well as has completed Phase I clinical trial for epilepsy and Parkinson's diseases.