Look: Sage Therapeutics (SAGE) breaks into new 52-week high

Sage Therapeutics Inc. (NASDAQ:SAGE) rolled up 3.29% in below average trading to close at $73.44 on April 7, beating its previous 52-week range high of $73.17, according to NASDAQ.

The biopharmaceutical company with a $2.74 billion market cap played around $69.50 to $73.60 on the trading charts, before it closed to $73.44. Most recently, Sage Therapeutics Inc. (NASDAQ:SAGE)  announced the granting of non-qualified stock options to buy an aggregate of 295,000 shares of common stock to 15 new employees under an inducement equity plan. The options have an exercise price of $70.35 per share, company said.

Traders are currently buying Sage amid the company setting a new 52-week high.

What Does The Smart Money Sentiment Say?

Out of 742 hedge funds we track at Insider Monkey, we saw a slight increase in confidence to Sage Therapeutics Inc. (NASDAQ:SAGE) shares. In the fourth quarter of 2016, 20 funds held shares of Sage valued at $214 million, compared to only 18 funds with shares valued at $277 million in the third quarter of the same year.

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

The Bottom Line

Traders flocked towards Sage Therapeutics Inc. (NASDAQ:SAGE) following a good break as shares reach a new 52-week range high. If you are interested in the healthcare and pharmaceutical industry, check out our story on the 11 largest pharmaceutical companies in the world today and see why the industry is known to be one of the safest stock market sectors.