Wedbush lowered the firm’s price target on Sage Therapeutics to $8 from $9 and keeps a Neutral rating on the shares. The firm notes Sage reported the Phase 2 LIGHTWAVE study of dalzanemdor in mild AD/MCI failed to demonstrate a statistical significance improvement from baseline on the primary endpoint of change in WAIS-IV score. Wedbush acknowledges that this was not an opportunity it previously incorporated in its estimates so nothing to remove. Sage will discontinue further efforts for dalzanemdor in AD but continues to anticipate DIMENSION data in Huntington’s disease in Q4 2024. Given the prior failures observed with dalzanemdor to date, the firm remains cautious on the potential for the Huntington’s readout to show meaningful effects.

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