Sage to lay off more than half of R&D team, shares fall

Sage Therapeutics

17/10/2024 15:01

** Sage Therapeutics' shares  SAGE.O  fall 5.5% to $6.87 in
morning trade
    ** Co says it will lay off more than 165 employees,
including more than half of its R&D team, as part of
reorganization plan
    ** To prioritize launch of postpartum depression pill
Zurzuvae, which has been jointly developed with Biogen  BIIB.O ,
and early-stage experimental drugs
    ** Last week, co said it would stop developing its
experimental drug dalzanemdor, for Alzheimer's disease after it
failed to meet main goal in late-stage trial
    ** Avg recommendation of 19 brokerages is a "hold;" median
PT is $10 - LSEG
    ** As of last close, stock had slumped 66.5% YTD vs 11%
increase in Nasdaq Biotechnology index  .NBI 

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com))