U.S. markets open in 1 hour 2 minutes
  • S&P Futures

    4,514.00
    -14.00 (-0.31%)
     
  • Dow Futures

    35,372.00
    -105.00 (-0.30%)
     
  • Nasdaq Futures

    15,316.50
    -61.00 (-0.40%)
     
  • Russell 2000 Futures

    2,280.80
    -6.70 (-0.29%)
     
  • Crude Oil

    82.94
    -0.48 (-0.58%)
     
  • Gold

    1,781.50
    -3.40 (-0.19%)
     
  • Silver

    24.20
    -0.24 (-1.00%)
     
  • EUR/USD

    1.1640
    -0.0012 (-0.10%)
     
  • 10-Yr Bond

    1.6360
    0.0000 (0.00%)
     
  • Vix

    16.02
    +0.32 (+2.04%)
     
  • GBP/USD

    1.3797
    -0.0029 (-0.21%)
     
  • USD/JPY

    114.0600
    -0.2690 (-0.24%)
     
  • BTC-USD

    64,819.44
    +679.85 (+1.06%)
     
  • CMC Crypto 200

    1,533.04
    +52.24 (+3.53%)
     
  • FTSE 100

    7,187.62
    -35.48 (-0.49%)
     
  • Nikkei 225

    28,708.58
    -546.97 (-1.87%)
     

Hedge fund Kerrisdale shorts Sage Therapeutics, stock tumbles

BOSTON, March 23 (Reuters) - Hedge fund Kerrisdale Capital on Wednesday said it has a short bet against pharmaceutical company Sage Therapeutics, arguing the company's stock price should drop 75 percent because its experimental drug will likely fail a critical late stage study.

Cambridge, Massachusetts-base Sage is working on a drug to treat super refractory status epilepticus (SRSE), a common life-threatening neurologic disorder that occurs when seizures last more than five minutes or more than one seizure occurs in a five-minute period. Its stock dropped 14 percent at the start of trading.

(Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama)