HC Wainwright Weighs in on Praxis Precision Medicines, Inc.’s Q3 2024 Earnings (NASDAQ:PRAX)

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) – Analysts at HC Wainwright raised their Q3 2024 earnings per share (EPS) estimates for Praxis Precision Medicines in a report issued on Wednesday, August 14th. HC Wainwright analyst D. Tsao now expects that the company will post earnings of ($1.74) per share for the quarter, up from their previous estimate of ($1.82). HC Wainwright has a “Buy” rating and a $120.00 price target on the stock. The consensus estimate for Praxis Precision Medicines’ current full-year earnings is ($10.08) per share. HC Wainwright also issued estimates for Praxis Precision Medicines’ Q4 2024 earnings at ($1.87) EPS, FY2024 earnings at ($8.19) EPS, Q1 2025 earnings at ($2.02) EPS, Q3 2025 earnings at ($2.86) EPS, FY2025 earnings at ($10.53) EPS, FY2026 earnings at ($11.77) EPS, FY2027 earnings at ($5.91) EPS and FY2028 earnings at $3.66 EPS.

PRAX has been the topic of a number of other reports. Piper Sandler reaffirmed an “overweight” rating and set a $270.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, July 1st. Oppenheimer reaffirmed an “outperform” rating and issued a $134.00 price target on shares of Praxis Precision Medicines in a research note on Wednesday. Guggenheim lifted their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday. Needham & Company LLC restated a “buy” rating and issued a $145.00 target price on shares of Praxis Precision Medicines in a research note on Monday, August 12th. Finally, Wedbush raised their price target on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $142.44.

Praxis Precision Medicines Price Performance

Shares of PRAX opened at $52.85 on Friday. The business’s 50-day moving average is $48.01 and its 200-day moving average is $48.85. The company has a market capitalization of $904.16 million, a price-to-earnings ratio of -3.33 and a beta of 2.73. Praxis Precision Medicines has a fifty-two week low of $13.01 and a fifty-two week high of $67.21.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PRAX. Point72 Asset Management L.P. boosted its position in Praxis Precision Medicines by 10.2% during the second quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock worth $43,498,000 after purchasing an additional 97,561 shares during the period. RA Capital Management L.P. acquired a new stake in shares of Praxis Precision Medicines in the first quarter worth $50,548,000. Vanguard Group Inc. lifted its stake in shares of Praxis Precision Medicines by 100.6% in the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after buying an additional 373,131 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new stake in shares of Praxis Precision Medicines during the 1st quarter worth $32,707,000. Finally, Kingdon Capital Management L.L.C. grew its stake in Praxis Precision Medicines by 1.0% in the 1st quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock valued at $21,357,000 after buying an additional 3,335 shares during the last quarter. 67.84% of the stock is 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.