Sage Therapeutics Inc. (SAGE) saw its stock plummet 7.06% in pre-market trading on Tuesday, October 30th, after the company reported mixed third-quarter results and faced analyst price target cuts. While Sage's postpartum depression drug Zurzuvae showed strong growth, the company's overall financial performance and pipeline updates failed to impress investors.

Zurzuvae, Sage's lead product, continued to gain traction in the postpartum depression market, generating $22.1 million in total revenue for the third quarter, a 49% increase from the previous quarter. The company reported approximately 2,000 prescriptions filled, marking a 40% growth compared to Q2. Sage also expanded its sales force to further drive Zurzuvae's growth.

However, Sage's overall financial results disappointed, with the company reporting a net loss of $93.6 million for the quarter and missing analyst estimates on revenue and earnings per share. Additionally, the company faced setbacks in its pipeline, including the discontinuation of commercial availability for its drug Zulresso, a Phase 2 trial failure for an Alzheimer's disease candidate, and the termination of a collaboration with Biogen on the SAGE-324 program.