SAGE - Why Sage Therapeutics Stock Sank Today
2023-11-07 18:02:21 ET
It wasn't a wise move for investors to hold or buy Sage Therapeutics (NASDAQ: SAGE) shares on Tuesday. Its price tumbled by nearly 5% as the market digested the healthcare company's third-quarter results. This was on a day when stocks were generally performing well -- the S&P 500 index landed in positive territory, with a 0.3% rise.
For the quarter, Sage posted revenue that landed just shy of $2.72 million. That was notably higher than the almost $1.74 million in the third quarter of 2022; however, it didn't come close to hitting the consensus analyst estimate of $4.63 million.
Another miss occurred on the bottom line, with the biotech company's headline net loss deepening to nearly $202 million ($3.37 per share), from the year-ago shortfall of $137 million. Prognosticators had been projecting a per-share net loss of $2.68.
For further details see:
Why Sage Therapeutics Stock Sank Today