Today's noteworthy initiations include: Antares Pharma (ATRS) initiated with a Buy at Jefferies... Antero Midstream (AM) initiated with an Equal Weight at Morgan Stanley... CONE Midstream (CNNX) initiated with an Equal Weight at Morgan Stanley... CSI Compressco (CCLP) initiated with a Sector Perform at RBC Capital... Canadian Natural (CNQ) initiated with an Overweight at JPMorgan... Columbia Pipeline (CPPL) initiated with an Equal Weight at Morgan Stanley... CommScope (COMM) initiated with an Equal Weight at Stephens... Digital Ally (dgly) initiated with a Buy at Roth Capital... Dominion Midstream (DM) initiated with an Overweight at Morgan Stanley... E.W. Scripps (SSP) initiated with a Buy at Sidoti... EQT Midstream Partners (EQM) initiated with an Equal Weight at Morgan Stanley... Exterran Partners (EXLP) initiated with a Sector Perform at RBC Capital... Exterran (EXH) initiated with an Outperform at RBC Capital... Janus Capital (JNS) initiated with an Outperform at Wells Fargo... Level 3 (LVLT) initiated with a Buy at Goldman... Monroe Capital (MRCC) initiated with a Buy at Wunderlich... Occidental Petroleum (OXY) initiated with an Overweight at JPMorgan... Pier 1 Imports (PIR) initiated with a Buy at Cantor... Q2 Holdings (QTWO) initiated with a Market Perform at Avondale... RetailMeNot (SALE) initiated with a Buy at Topeka... SAGE Therapeutics (SAGE) initiated with an Outperform at Cowen... Shutterstock (SSTK) initiated with a Buy at Topeka... Sorrento Therapeutics (SRNE) initiated with a Buy at Brean Capital... Sterling Construction (STRL) initiated with a Buy at Maxim... Sunoco (SUN) initiated with an Equal Weight at Morgan Stanley... Tesoro Logistics (TLLP) initiated with an Equal Weight at Morgan Stanley... Valero Energy Partners (VLP) initiated with an Equal Weight at Morgan Stanley.

Oppenheimer analyst Jay Olson lowered the firm's price target on Sage Therapeutics to $17 from $25 and keeps a Perform rating on the shares. The firm notes Phase 2 PRECEDENT topline results showed no difference in efficacy for SAGE-718 vs. placebo in PD-MCI patients, and it suspects investors are now discounting nearly the entire value of SAGE-718 by assuming direct read-across to ongoing studies in HD and AD MCI that read-out later this year. However, while Oppenheimer agrees with the negative read-across, it thinks it's limited by several distinct factors for the HD and AD studies, including differences in disease states driving MCI, inclusion criteria, sample size, endpoints, and duration of treatment.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

H.C. Wainwright analyst Douglas Tsao reiterates a Neutral rating on Sage Therapeutics after the company discontinued SAGE-718 in Parkinson's after the PRECEDENT study showed no benefit. The results are disappointing and, more importantly, raise concern about the upcoming top-line data readouts for SAGE-718 in Alzheimer's disease and Huntington's disease, the analyst tells investors in a research note. The firm recognizes the differences between the indications, but it also sees similarities. As such, SAGE-718's lack of treatment effect in Parkinson's patients "gives us additional pause heading into the next set of readouts," contends H.C. Wainwright.

BofA downgraded Sage Therapeutics to Underperform from Neutral with a price target of $14, down from $24.

Check out this morning's top movers from around Wall Street, compiled by The Fly.  HIGHER - Alcoa (AA)... To see the rest of the story go to thefly.com. See Story Here