2 Biotech Stocks Staging Large Swings

SAGE is hitting record lows, while VTGN jumps over 800%

Deputy Editor
Aug 7, 2023 at 2:32 PM
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Sage Therapeutics Inc (NASDAQ:SAGE) is crumbling to record lows today, down 52.2% at $17.25 at last check, earlier hitting a low of $16.69. The U.S. Food & Drug Administration (FDA) approved its drug, Zurzuvae, for postpartum depression (PPD), but failed to approve it to treat major depressive disorder (MDD). The biotech name also announced worse-than-expected second-quarter results, and a host of analysts downgraded the shares, including Oppenheimer, RBC, Wedbush, BofA Global Research, and Stifel. 

Options traders appear to be buying in on the dip. So far, 18,000 calls and 5,709 puts have been exchanged, which is already 4.3 times the average daily options volume. The September 17.50 call is the most active contract, with new positions being opened there. 

Vistagen Therapeutics Inc (NASDAQ:VTGN) is soaring to 52-week highs, after its social anxiety treatment -- a nasal spray called fasedienol -- met its main goal in a late-stage study. VTGN is up 835.1% at $15.71 at last glance, and earlier hit a peak of $24.71. Options traders are typically fairly scarce in regard to VTGN, but today, 23,000 calls and 11,000 puts have crossed the tape. The August 3 call is the most popular, with new positions being bought to open there.


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