Sage Therapeutics craters over 20% on study results

Shares of Sage Therapeutics (SAGE.US) are plunging today. Company is one of the worst performing Wall Street stocks today, plunging over 20% at press time. The move lower was triggered after company released results of mid-stage study of its experimental dalzanemdor treatment for Parkinson's disease. Company said that the study failed to meet its main goal and did not show any statistically significant differences between the treatment and placebo. 

Sage Therapeutics said that it does not plan any further development of dalzanemdor treatment for Parkinson's disease. Results of the Phase 2 studies in Huntington's and Alzheimer's diseases are expected in the later part of 2024.

Taking a look at Sage Therapeutics (SAGE.US) chart at D1 interval, we can see that the stock has recently plunged below the $16.50 support zone and continues to move lower. A massive plunge today pushed the stock below $11 per share for the first time in history. However, a part of the drop has been recovered and the stock trades off the daily lows now.

Source: xStation5