Sage Therapeutics resumed with an Underperform at BofA

BofA resumed coverage of Sage Therapeutics (SAGE) with an Underperform rating and $5 price target. The impact of Biogen’s (BIIB) unsolicited takeover has now passed, and in the absence of clear guidance on potential future transactions, Sage Therapeutics is again trading on fundamentals, the analyst tells investors in a research note. The long-term commercial opportunity for the company’s only product – Zurzuvae, for post-partum depression, remains unclear, BofA adds, noting that significant clinical validation for any future assets is needed before the firm can assign those assets any value.