Biotech Sage Therapeutics skyrockets 70 percent after depression drug breakthrough

Shares of Sage Therapeutics (SAGE) soared 70 percent on Thursday after the company announced positive results in the testing a major depressive disorder (MDD) treatment. Sage said in a release that 64 percent of patients achieved MDD remission using the SAGE-217 drug in the 15th day of treatment. This is the second successful drug trial result in as many months for Sage. On Nov. 9, the company said brexanolone — a drug aimed at treating moderate and severe postpartum depression — met its main goal in two late-stage studies. The stock shot up 54.2 percent that day and is up 44.1 percent over the past month.

"These very encouraging data suggest the potential of SAGE-217 in the treatment of MDD as well as other mood-related disorders that we may pursue," CEO Jeff Jonas said in a statement. "The positive activity and safety findings of SAGE-217 in MDD support advancing the program into later stage clinical development."

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