Sage Therapeutics Inc (SAGE)

Sage Therapeutics Stock (SAGE) dropped by 4.75% from $20.61 to $19.63 in the trading on Tuesday November 7, 2023. The reasons why SAGE stock down today include

• Missed revenue: Sage's revenue for the third quarter of 2023 reached $2.72 million, a significant increase from $1.74 million in the same quarter the previous year. However, this figure fell short of analysts' expectations of $4.63 million.
• Net loss: The biotech company's net loss widened significantly, reaching nearly $202 million ($3.37 per share), compared to a loss of $137 million in the same quarter a year ago. This exceeded analysts' expectations of a per-share net loss of $2.68.
• Stock offering: The company has entered into an agreement with financial services company Cowen to sell up to $250 million worth of its common stock in an at-the-market (ATM) offering. The proceeds from the sale are used to invest in a variety of capital preservation investments, which includes interest-bearing instruments such as bonds.

Sage Therapeutics' shares plunged 53.60% as the FDA granted approval for the biotech firm's oral drug zuranolone to treat postpartum depression, excluding its use for major depressive disorder, a larger potential market.

https://www.cnbc.com/2023/08/07/sage-therapeutics-plunges-after-fda-decision-on-depression-drug.html

Sage Therapeutics' shares fell by 13.47% as investors became concerned over the lack of mention regarding zuranolone's regulatory decision by Biogen's CEO. The drug's approval is critical for Sage's future growth, making it a high-risk, high-reward stock.

https://www.fool.com/investing/2023/07/26/why-sage-therapeutics-stock-is-tumbling-today/