Monday was a dark day for Sage Therapeutics (NASDAQ: SAGE), a company that focuses on developing therapies for brain disorders. The stock plummeted by more than 53% after the company revealed that its blockbuster drug candidate, zuranolone, failed to win approval from the U.S. Food and Drug Administration (FDA) for the treatment of major depressive disorder (MDD). 

Zuranolone, which Sage Therapeutics developed in collaboration with (NASDAQ: BIIB), is a novel antidepressant designed to offer fast and durable relief from depressive symptoms, with a short course of treatment and minimal side effects. 

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Source Fool.com