Wedbush Equities Analysts Boost Earnings Estimates for Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) – Research analysts at Wedbush increased their Q2 2024 earnings per share estimates for shares of Praxis Precision Medicines in a report released on Monday, April 8th. Wedbush analyst L. Chico now anticipates that the company will post earnings per share of ($1.73) for the quarter, up from their prior forecast of ($2.14). Wedbush currently has a “Neutral” rating and a $29.00 target price on the stock. The consensus estimate for Praxis Precision Medicines’ current full-year earnings is ($8.64) per share. Wedbush also issued estimates for Praxis Precision Medicines’ Q3 2024 earnings at ($1.76) EPS, Q4 2024 earnings at ($1.79) EPS, FY2024 earnings at ($7.01) EPS, FY2025 earnings at ($5.47) EPS, FY2026 earnings at ($4.07) EPS, FY2027 earnings at ($3.05) EPS and FY2028 earnings at ($1.45) EPS.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Tuesday, March 5th. The company reported ($2.97) EPS for the quarter, topping analysts’ consensus estimates of ($3.05) by $0.08. The business had revenue of $0.52 million during the quarter, compared to analysts’ expectations of $0.30 million. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%.

A number of other equities research analysts also recently commented on PRAX. Jefferies Financial Group boosted their target price on Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a “buy” rating in a research report on Tuesday, March 26th. HC Wainwright restated a “buy” rating and issued a $105.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, March 26th.

Praxis Precision Medicines Trading Up 2.5 %

NASDAQ PRAX opened at $55.16 on Thursday. The stock has a market cap of $730.21 million, a PE ratio of -2.33 and a beta of 2.89. Praxis Precision Medicines has a 12 month low of $12.45 and a 12 month high of $67.21. The stock’s 50 day moving average is $50.50 and its 200 day moving average is $32.68.

Institutional Trading of Praxis Precision Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRAX. Citigroup Inc. grew its holdings in Praxis Precision Medicines by 44,585.5% during the third quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock worth $142,000 after acquiring an additional 82,929 shares during the period. Acuta Capital Partners LLC raised its stake in Praxis Precision Medicines by 5.5% during the third quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock worth $7,669,000 after purchasing an additional 235,000 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Praxis Precision Medicines by 45.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock worth $96,000 after buying an additional 17,428 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its position in Praxis Precision Medicines by 10.7% in the third quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock valued at $15,014,000 after purchasing an additional 849,362 shares during the period. Finally, Barclays PLC raised its holdings in Praxis Precision Medicines by 557.0% in the 4th quarter. Barclays PLC now owns 10,539 shares of the company’s stock valued at $25,000 after buying an additional 8,935 shares during the period. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.