Equities Analysts Offer Predictions for PRAX FY2024 Earnings

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) – Stock analysts at Wedbush lowered their FY2024 earnings per share estimates for shares of Praxis Precision Medicines in a research note issued to investors on Wednesday, November 6th. Wedbush analyst L. Chico now forecasts that the company will post earnings of ($10.13) per share for the year, down from their prior forecast of ($8.66). Wedbush has a “Neutral” rating and a $48.00 price target 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 announced its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.74). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The business had revenue of $0.30 million for the quarter, compared to analysts’ expectations of $0.53 million. During the same quarter in the prior year, the firm earned ($2.70) EPS.

Other research analysts also recently issued research reports about the company. Needham & Company LLC reiterated a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a report on Thursday. HC Wainwright reiterated a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday. Guggenheim upped their target price on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Finally, Oppenheimer upped their target price on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and a consensus target price of $146.33.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX opened at $77.88 on Monday. Praxis Precision Medicines has a 1 year low of $13.01 and a 1 year high of $78.08. The company has a market cap of $1.45 billion, a PE ratio of -7.56 and a beta of 2.67. The stock’s 50-day moving average is $64.68 and its 200 day moving average is $54.14.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD bought a new position in shares of Praxis Precision Medicines during the 1st quarter valued at about $32,707,000. Vanguard Group Inc. lifted its holdings in shares of Praxis Precision Medicines by 100.6% in the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after acquiring an additional 373,131 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Praxis Precision Medicines by 523.2% in the 2nd quarter. Renaissance Technologies LLC now owns 75,433 shares of the company’s stock valued at $3,120,000 after acquiring an additional 63,329 shares during the last quarter. TD Asset Management Inc lifted its stake in Praxis Precision Medicines by 46.6% in the second quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock worth $2,122,000 after purchasing an additional 16,312 shares during the last quarter. Finally, Moody Aldrich Partners LLC lifted its stake in Praxis Precision Medicines by 29.6% in the third quarter. Moody Aldrich Partners LLC now owns 31,605 shares of the company’s stock worth $1,819,000 after purchasing an additional 7,224 shares during the last quarter. Institutional investors 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.