Wedbush Has Negative Forecast for PRAX FY2024 Earnings

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) – Wedbush lowered their FY2024 EPS estimates for shares of Praxis Precision Medicines in a report issued on Wednesday, November 6th. Wedbush analyst L. Chico now anticipates that the company will post earnings per share of ($10.13) for the year, down from their previous forecast of ($8.66). Wedbush currently 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 ($10.26) per share. Wedbush also issued estimates for Praxis Precision Medicines’ Q4 2024 earnings at ($2.88) EPS, Q1 2025 earnings at ($2.14) EPS, Q2 2025 earnings at ($2.29) EPS, Q3 2025 earnings at ($2.42) EPS, Q4 2025 earnings at ($2.60) EPS, FY2025 earnings at ($9.46) EPS, FY2026 earnings at ($8.95) EPS, FY2027 earnings at ($8.41) EPS and FY2028 earnings at ($3.88) EPS.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($2.01) by ($0.74). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The firm had revenue of $0.30 million during the quarter, compared to analysts’ expectations of $0.53 million. During the same period in the previous year, the firm posted ($2.70) earnings per share.

Several other research firms have also recently commented on PRAX. Oppenheimer lifted their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Guggenheim boosted their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Finally, HC Wainwright reiterated a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $146.33.

Praxis Precision Medicines Stock Down 2.2 %

Shares of NASDAQ:PRAX opened at $82.97 on Monday. The company has a market cap of $1.55 billion, a P/E ratio of -8.47 and a beta of 2.67. The business has a fifty day simple moving average of $65.32 and a 200-day simple moving average of $54.36. Praxis Precision Medicines has a 52 week low of $13.01 and a 52 week high of $86.93.

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently made changes to their positions in the business. Amalgamated Bank acquired a new stake in Praxis Precision Medicines in the 2nd quarter valued at $25,000. US Bancorp DE boosted its position in shares of Praxis Precision Medicines by 35.9% in the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after buying an additional 605 shares during the period. Quarry LP acquired a new stake in shares of Praxis Precision Medicines in the second quarter valued at about $83,000. SG Americas Securities LLC purchased a new stake in shares of Praxis Precision Medicines during the 1st quarter valued at about $150,000. Finally, Kingdon Capital Management L.L.C. lifted its position in Praxis Precision Medicines by 1.0% during the 1st quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock worth $21,357,000 after acquiring an additional 3,335 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

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.