Shares of Sage Therapeutics are higher after Stifel analyst Paul Matteis previewed the company’s pipeline update set for July 24. The analyst expects SAGE-217 to show signs of efficacy in bipolar depression, but he admits “it’s hard to say” whether the data will live up to what’s been observed in postpartum depression and major depressive disorder. However, even if the data underwhelm, investors should not overreact as bipolar poses little-to-no read-through onto the more important SAGE-217 Phase 3 trial in major depressive disorder, Matteis tells investors in a research note dated last night. Amid fairly low investor expectations, Sage’s July pipeline update “may still represent an incremental positive for the stock,” according to Matteis. There’s also other data to look forward to, he says, including early SAGE-324 results in essential tremor and the first look at SAGE-718. The analyst sees a good setup for Sage Therapeutics and kept a Buy rating on the shares with a $240 price target. The stock in late morning trading is up 5%, or $9.35, to $188.12.