Written by Maxx Chatsko
Shares of Sage Therapeutics (NASDAQ:SAGE) lost over 62% today after the company announced top-line results from the phase 3 MOUNTAIN study evaluating SAGE-217 as a treatment for major depressive disorder (MDD). The drug candidate did not meet its primary endpoint.
While executives were clearly disappointed by the results, they did attempt to calm investors by noting that SAGE-217 is an “active drug” based on statistically significant findings in certain other metrics. But investors weren’t buying it, especially now that the door is wide open for a competitor to walk through.
As of 11:41 a.m. EST, the pharma stock had settled to a 57.4% loss.
Read more here.