Ladies and gentlemen, thank you for standing by, and welcome to the Sage Therapeutics Announced First Quarter 2020 Financial Results Conference Call. Hello, and thank you for joining Sage Therapeutics' First Quarter 2020 Financial Results Conference Call. Please consult the risk factors discussed in today's press release, and in our SEC filings for additional details.
Q1 2020 SAGE Therapeutics Inc Earnings Call
Sage says it's letting go of 53% of its staff as the coronavirus creates fierce headwinds for the biopharma's new postpartum depression treatment.
One of the industry’s highly watched neuroscience drugmakers is cutting more than half of its workforce as it works to revive hope for its sophomore drug candidate and weather a drop in sales.
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Sage Therapeutics (SAGE) has seen solid earnings estimate revision activity over the past month, and belongs to a strong industry as well.
Also, Wall Street commentary on Baxter International, H&R Block, Alibaba, Sage Therapeutics, and JOYY.
Today, Sage Therapeutics, Inc. (NASDAQ:SAGE), a biopharmaceutical company committed to developing novel therapies with the potential to transform the lives of people with debilitating disorders of the brain, reported business highlights and financial results for the first quarter ended March 31, 2020. The Company also announced the promotion of Mike Cloonan to chief operating officer; he will continue to report into Jeff Jonas, Sage’s chief executive officer. In the newly created role, Mr. Cloonan will strategically align the business functions to support the ongoing development and commercialization of Sage’s brain health portfolio.
As of late, it has definitely been a great time to be an investor in Sage Therapeutics.
Businesses across the state are resorting to layoffs and furloughs as the coronavirus pandemic continues to restrict cashflow.
Sage Therapeutics, Inc. (NASDAQ: SAGE), a biopharmaceutical company committed to developing novel therapies with the potential to transform the lives of people with debilitating disorders of the brain, today announced it will host a live webcast on Thursday, May 7, 2020, at 4:30 p.m. EDT to announce first quarter 2020 financial results and discuss recent business updates.
Sage Therapeutics, Inc. (NASDAQ: SAGE), a biopharmaceutical company committed to developing novel therapies with the potential to transform the lives of people with debilitating disorders of the brain, today announced that on April 1, 2020, the Compensation Committee of Sage’s Board of Directors granted non-qualified stock options to purchase an aggregate of 540 shares of its common stock, and 90 performance restricted stock units (PSUs) to one new employee under Sage’s 2016 Inducement Equity Plan.
The biotech firm laid off more than half of its employees, five months after its experimental depression drug zuranolone failed in a Phase 3 clinical trial.
Sage Therapeutics (SAGE) saw a big move last session, as its shares jumped more than 9% on the day, amid huge volumes.
Sage Therapeutics, Inc. (NASDAQ: SAGE), a biopharmaceutical company committed to developing novel therapies with the potential to transform the lives of people with debilitating disorders of the brain, today announced a restructuring intended to enable the Company to advance its corporate strategy and pipeline. The resulting cost savings are comprised of a reduction in the workforce of approximately 53 percent, in addition to an expected decrease in external expenses that together are anticipated to result in annualized savings of approximately $170 million, of which $150 million is related to SG&A. The workforce reduction will primarily affect the ZULRESSO™ (brexanolone) CIV injection commercial operation and related SG&A support functions. The Company remains committed to working with healthcare providers and patients seeking access to ZULRESSO, but commercial efforts will be focused on geographies that have existing, active ZULRESSO treating sites.
Shares of Sage Therapeutics Inc. were down 0.6% in premarket trading on Wednesday after it announced a restructuring plan that includes letting go of 340 employees, which is more than half of its workforce. The company, which has faced a number of clinical and commercial setbacks over the last year, now expects annualized savings of $170 million as it cuts back on commercial operations for Zulresso, the first postpartum depression treatment to receive approval from the Food and Drug Administration, in 2019. It expects to incur a one-time $31 million expense, due to the workforce reduction. In December Sage said that a Phase 3 study for its experimental therapy for major depressive disorder failed to meet the primary endpoint, an announcement that sent shares toward a two-year low. Raymond James' Dana Leone attributed the restructuring to "several compounding commercial and clinical setbacks that have reduced the ability of Sage Therapeutics to continue funding the current operational cash burn rate." Sage's stock has tumbled 59% year-to-date; the S&P 500 is down 17%.
The Zacks Analyst Blog Highlights: Eli Lilly, DexCom, ViewRay, Chemed and Sage Therapeutics
Sage Therapeutics (SAGE) has announced a massive restructuring that appears to abandon the launch of post-partum depression drug Zulresso. “Zulresso is a hospital-based treatment, so we are in competition for beds with COVID-19,” Mike Cloonan, Sage’s chief business officer, told analysts on a conference call.The move will also enable SAGE to reallocate resources to zuaronolone, a once-daily, two-week therapy in development for the treatment of major depressive disorder (MDD) and postpartum depression (PPD), following the failure of its pivotal Phase 3 Mountain study.According to the company’s statement, the resulting cost savings are comprised of a reduction in the workforce of approximately 53%, in addition to an expected decrease in external expenses that together are anticipated to result in annualized savings of approximately $170 million, of which $150 million is related to SG&A (selling, general and admin expenses).“The headwinds we are facing individually and collectively, along with a recognition of our need to move forward as a company, have led to this difficult decision. We believe this cost reduction and reallocation of resources will help Sage advance our portfolio in a way that is consistent with our mission,” explained Jeff Jonas, CEO of Sage Therapeutics.TipRanks reveals that the stock has a Moderate Buy analyst consensus based on ratings published over the last three months. With shares down 60% year-to-date, the $65 average analyst price target indicates over 120% upside potential from the current share price. (See SAGE stock analysis on TipRanks)Following the news Oppenheimer analyst Jay Olson lowered his SAGE price target to $50. “We are disappointed by this restructuring but consider it necessary for SAGE to prioritize focus on zuranolone and pipeline assets” he commented, adding that SAGE predicts the cash balance of $1B at year-end 2019 provides runway into 2022.Related News: Put Amazon (AMZN) Stock on Your Grocery List, Says Top Analyst GenMark Sees 80% Q1 Revenue Boost on Covid-19 Tests Exxon Mobil Slashes Capital Spending by 30% to Combat Oil Price Collapse More recent articles from Smarter Analyst: * Incyte’s Bile Duct Cancer Drug Wins FDA Approval * Seattle Genetics’ Breast Cancer Drug Approved Months Ahead of Schedule * Philips Suspends 2020 Outlook as 1Q Profit Plunges 76% * Novartis Buys U.S. Start-Up Amblyotech For Lazy Eye Treatment
Economic activities came almost to a standstill in March. However, one sector that witnessed heightening activities is health care.
Sage Therapeutics, Inc. (NASDAQ:SAGE), a biopharmaceutical company committed to developing novel therapies with the potential to transform the lives of people with debilitating disorders of the brain, today announced that the Company will present at the Bank of America Health Care Conference 2020 on Wednesday, May 13, 2020 at 1:40 p.m. ET.