What Happened to Sage Therapeutics Stock?

On June 15, shares of Sage Therapeutics (NASDAQ: SAGE) fell by as much as 20% in a single day after the company released phase 3 top-line data for zuranolone, an oral neuroactive steroid and GABA receptor modulator for the treatment of depression. The primary endpoint of the phase 3 study was a change from baseline on the 17-item Hamilton Rating Scale for Depression (HAM-D, also known as HDRS), measuring the severity of depression after approximately two weeks of treatment. On day 15, patients with severe depression who took zuranolone saw an average HAM-D score reduction of 14.1 points compared to 12.3 for placebo, leading to a treatment difference of 1.7 points.