Sage (SAGE, $60.21) shares fall, on disappointing Phase 3 test results of depression drug

Sage Therapeutics  shares fell on Tuesday, following  disappointing results of its Phase 3 test results for its depression drug Zuranolone.  The biotech company is producing this drug with Biogen.

The late-stage study revealed that while Zuranolone did lead to improvement on depression symptoms, there are doubts about the longer-term efficacy of the treatment. According to Sage, the drug’s impact seemed to wane over a two-week period. Also, a secondary objective on an impression score of the severity of the illness could not reach statistical significance on day 15, as indicated by the company.