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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) – Wedbush increased their FY2027 earnings per share estimates for Praxis Precision Medicines in a research report issued to clients and investors on Tuesday, September 3rd. Wedbush analyst L. Chico now anticipates that the company will post earnings of ($3.36) per share for the year, up from their previous estimate of ($3.47). Wedbush has a “Neutral” rating and a $48.00 price objective on the stock. The consensus estimate for Praxis Precision Medicines’ current full-year earnings is ($8.50) per share. Wedbush also issued estimates for Praxis Precision Medicines’ FY2028 earnings at ($1.48) EPS.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.38) by $0.64. The company had revenue of $0.36 million for the quarter, compared to the consensus estimate of $1.44 million. Praxis Precision Medicines had a negative net margin of 6,987.01% and a negative return on equity of 61.47%.

PRAX has been the topic of a number of other research reports. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a report on Tuesday. Piper Sandler reaffirmed an “overweight” rating and set a $270.00 price target on shares of Praxis Precision Medicines in a research report on Monday, July 1st. Oppenheimer reissued an “outperform” rating and issued a $143.00 price objective (up previously from $134.00) on shares of Praxis Precision Medicines in a report on Wednesday. Needham & Company LLC restated a “buy” rating and issued a $145.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday. Finally, Truist Financial reiterated a “buy” rating and set a $150.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, May 16th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $143.44.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock opened at $54.02 on Friday. The firm has a market cap of $924.17 million, a price-to-earnings ratio of -3.41 and a beta of 2.72. Praxis Precision Medicines has a 52 week low of $13.01 and a 52 week high of $67.21. The firm’s 50-day simple moving average is $52.17 and its two-hundred day simple moving average is $49.90.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of large investors have recently modified their holdings of the company. Amalgamated Bank purchased a new stake in Praxis Precision Medicines in the 2nd quarter worth approximately $25,000. Simplex Trading LLC bought a new stake in Praxis Precision Medicines during the fourth quarter valued at $31,000. Quarry LP purchased a new position in Praxis Precision Medicines during the second quarter worth about $83,000. SG Americas Securities LLC bought a new position in Praxis Precision Medicines in the 1st quarter worth about $150,000. Finally, DLD Asset Management LP bought a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at about $223,000. 67.84% of the stock is currently owned by institutional investors.

About Praxis Precision Medicines

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.