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In a Schedule 13G filing, Jacob Gottlieb’s Visium Asset Management LP reported owning 1.89 million shares of SAGE Therapeutics Inc. (NASDAQ:SAGE), which account for 5.9% of the company’s total shares. The investment firm owned 902,948 shares of the clinical-stage biopharmaceutical company at the end of September, as disclosed by the fund’s 13F for the third quarter.

SAGE Therapeutics focuses on developing treatments to tackle life-altering central nervous system disorders, with its lead product candidate being SAGE-547, an intravenous agent in Phase 3 clinical development for the treatment of super-refractory status epilepticus (SRSE). The company started the STATUS Trial, a Phase 3 clinical trial that studies SAGE-547 as a treatment for patients with SRSE, during the third quarter of 2015 and anticipates releasing results from the trial in the second half of 2016. Earlier this year, SAGE Therapeutics Inc. (NASDAQ:SAGE) conducted an underwritten public offering of 3.16 million shares of common stock at a price of $47.50 per share, along with a greenshoe option to purchase up to an additional 473,684 shares. The shares of SAGE are down by 25% over the past 12 months after having lost 47% thus far in 2016. Ken Griffin’s Citadel Advisors LLC jettisoned its 127,546-share stake in SAGE Therapeutics Inc. (NASDAQ:SAGE) during the fourth quarter.

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