Sage Therapeutics Phase 3 study of depression treatment did not meet primary endpoint

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Sage Therapeutics’s stock set for selloff after depression treatment study fails primary endpoint

Shares of Sage Therapeutics Inc. were indicated down nearly 9% in premarket trading Thursday, after the biopharmaceutical company said a Phase 3 study of its SAGE-217 for the treatment of major depressive disorder failed to meet the primary endpoint. The study did not result in a statistically significant reduction compared with placebo, but SAGE-217 was well tolerated and showed a similar safety profile as seen in earlier studies. “Notwithstanding the finding on the primary endpoint, the drug displays good activity on most measures. We understand that drug development is an iterative process,” said Chief Executive Jeff Jonas. “In this study, we’ve gathered new data on SAGE-217, data we believe support our hypothesis that SAGE-217 has a unique profile with the potential for rapid and robust onset with durable effect.” The stock has run up 56% year to date through Wednesday, while the iShares Nasdaq Biotechnology ETF has rallied 25% and the S&P 500 has gained 24%.

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