5 Oversold NASDAQ Stocks to Buy

2. SAGE Therapeutics, Inc. (NASDAQ:SAGE)

14-day RSI as of July 28: 16.96

Number of Hedge Fund Holders: 27

Founded in 2010, Cambridge, Massachusetts-based SAGE Therapeutics, Inc. (NASDAQ:SAGE) is a biopharmaceutical company focused on the development of novel therapies for the treatment of debilitating disorders of the brain. Its lead product, Zulresso, is approved by the FDA for the treatment of postpartum depression.

On February 6, SAGE Therapeutics, Inc. (NASDAQ:SAGE) announced that the FDA has accepted the filing of a New Drug Application (NDA) for zuranolone for the treatment of major depressive disorder (MDD) and postpartum depression. The application was granted priority review with a Prescription Drug User Fee Act (PDUFA) action date of August 5, 2023.

On July 27, Scotiabank initiated coverage of SAGE Therapeutics, Inc. (NASDAQ:SAGE) shares with a target price of $61 and an ‘Outperform’ rating. The target price represents a potential upside of 74.49% based on the share price on July 28.