Wedbush Has Bearish Outlook for PRAX FY2024 Earnings

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) – Equities researchers at Wedbush reduced their FY2024 EPS estimates for shares of Praxis Precision Medicines in a research report issued on Wednesday, November 6th. Wedbush analyst L. Chico now expects that the company will post earnings of ($10.13) per share for the year, down from their previous forecast of ($8.66). Wedbush currently has a “Neutral” rating and a $48.00 target price 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.

PRAX has been the subject of several other research reports. HC Wainwright reissued a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Oppenheimer boosted 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 lifted their target price on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Praxis Precision Medicines currently has a consensus rating of “Moderate Buy” and a consensus price target of $146.33.

Praxis Precision Medicines Stock Performance

NASDAQ PRAX opened at $84.83 on Monday. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of -8.24 and a beta of 2.67. The business has a 50 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 $86.81.

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 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 business had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. During the same quarter last year, the company earned ($2.70) earnings per share.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets acquired a new stake in shares of Praxis Precision Medicines in the first quarter valued at approximately $412,000. SG Americas Securities LLC acquired a new position in shares of Praxis Precision Medicines in the first quarter valued at $150,000. Vanguard Group Inc. raised its position 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 valued at $45,403,000 after purchasing an additional 373,131 shares during the period. Boulder Hill Capital Management LP bought a new position in shares of Praxis Precision Medicines in the first quarter valued at about $256,000. Finally, StemPoint Capital LP bought a new stake in shares of Praxis Precision Medicines during the 1st quarter worth about $1,641,000. 67.84% of the stock is owned by institutional investors.

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.