Why Sage Therapeutics Stock Is Crashing Today

Sage Therapeutics (NASDAQ: SAGE) is having a tough time today. After releasing the long-awaited phase 3 trial results for its rapid-onset drug zuranolone as a treatment for major depressive disorder (MDD) this morning, the drugmaker's shares immediately hit the skids.

Sage's stock is down by a hefty 16.8% as of 11:25 a.m. ET Wednesday morning. Biotech heavyweight Biogen owns over 10% of Sage's outstanding shares, and the two biopharmaceutical companies have a joint development/commercialization agreement in place for zuranolone.

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Source Fool.com