Sage to lay off more than half of R&D team, shares fall
** Sage Therapeutics' shares SAGE.O fall 5.5% to $6.87 in morning trade
** Co says it will lay off more than 165 employees, including more than half of its R&D team, as part of reorganization plan
** To prioritize launch of postpartum depression pill Zurzuvae, which has been jointly developed with Biogen BIIB.O, and early-stage experimental drugs
** Last week, co said it would stop developing its experimental drug dalzanemdor, for Alzheimer's disease after it failed to meet main goal in late-stage trial
** Avg recommendation of 19 brokerages is a "hold;" median PT is $10 - LSEG
** As of last close, stock had slumped 66.5% YTD vs 11% increase in Nasdaq Biotechnology index .NBI
Reporting by Leroy Leo in Bengaluru
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