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Sage Burned By Short Report

 
• By Lisa LaMotta

Sage Therapeutics faced the wrath of finicky investors on March 23 as its shares dropped more 20% in early morning trading in response to a scathing report from a hedge fund that has a short positions on the stock. The overblown reaction is a good indicator of market climate.

The biotech's shares dipped precipitously in morning trading, but recovered slightly as the trading day went on. Shares were down 14.63%, or $4.89, to trade near $28.56 around the close...

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