HC Wainwright Has Bearish Estimate for PRAX FY2029 Earnings

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) – HC Wainwright dropped their FY2029 earnings per share estimates for Praxis Precision Medicines in a research report issued to clients and investors on Monday, May 5th. HC Wainwright analyst D. Tsao now anticipates that the company will post earnings of $22.65 per share for the year, down from their previous estimate of $23.38. HC Wainwright has a “Buy” rating and a $105.00 price objective on the stock. The consensus estimate for Praxis Precision Medicines’ current full-year earnings is ($10.22) per share.

Several other brokerages have also weighed in on PRAX. Needham & Company LLC reissued a “buy” rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a report on Monday. Truist Financial lowered their price objective on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Wedbush lifted their target price on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an “underperform” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Praxis Precision Medicines in a research report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price target on the stock. Finally, Robert W. Baird reduced their price objective on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. One research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $120.56.

Praxis Precision Medicines Stock Down 9.7 %

Praxis Precision Medicines stock opened at $35.17 on Tuesday. The firm has a 50 day moving average price of $35.50 and a 200-day moving average price of $61.55. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $91.83. The company has a market capitalization of $716.38 million, a P/E ratio of -3.41 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($3.20) by ($0.09). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. CIBC Asset Management Inc grew its position in Praxis Precision Medicines by 47.3% during the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company’s stock valued at $28,226,000 after purchasing an additional 117,817 shares during the last quarter. Barclays PLC grew its holdings in shares of Praxis Precision Medicines by 126.8% during the third quarter. Barclays PLC now owns 37,130 shares of the company’s stock valued at $2,136,000 after buying an additional 20,759 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Praxis Precision Medicines by 85.6% during the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after acquiring an additional 205,335 shares in the last quarter. China Universal Asset Management Co. Ltd. purchased a new position in Praxis Precision Medicines in the 4th quarter worth approximately $304,000. Finally, Vanguard Group Inc. lifted its position in Praxis Precision Medicines by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company’s stock valued at $81,858,000 after acquiring an additional 24,645 shares in the last quarter. Institutional investors 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.