Enrollment in Sage Therapeutics' pivotal SAGE-217 major depressive disorder Mountain trial completed in September and top-line data could be announced in December, Piper Jaffray analyst Danielle Brill tells investors in a research note. The analyst believe SAGE-217 will be an approvable drug with positive results, and sees 30%-40% upside for the stock in this scenario. With that said, over 90% of Sage's value is derived from SAGE-217, so downside on negative data would also likely be significant, adds the analyst. However, she thinks would be capped at 35%-40% given the other ongoing trials that could support registration. "We know investors are avoiding binary risk, but we're believers in 217 and are still bullish into the data," concludes Brill, who keeps an Overweight rating on Sage Therapeutics with a $206 price target.