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.
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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.