The SEC filed a settled insider trading action against Massachusetts resident Brian Suthoff, who allegedly avoided losses of almost $20,000 by trading ahead of negative news announced by Cambridge, Massachusetts-based biopharmaceutical company Sage Therapeutics, Inc. Suthoff misappropriated confidential and restricted material non-public information (MNPI) received from an insider and employee of Sage regarding the FDA’s position on Sage’s application for approval of its drug for the treatment of major depressive disorder (MDD) and traded ahead of negative news announced by the company. Suthoff was ordered to pay nearly $43,000 in disgorgement, interest, and penalties and agree to a 5-year officer and director ban.