Praxis Precision Medicines (NASDAQ:PRAX) Posts Earnings Results, Beats Expectations By $0.09 EPS

Key Points

• Praxis Precision Medicines reported a quarterly EPS of ($3.31), exceeding analysts' expectations of ($3.40) by $0.09.
• The company has a market capitalization of $1.10 billion and a negative return on equity of 50.42%.
• Analysts have assigned a consensus rating of "Moderate Buy" with an average price target of $94.11 for the stock.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) released its quarterly earnings data on Monday. The company reported ($3.31) earnings per share for the quarter, beating analysts' consensus estimates of ($3.40) by $0.09, Zacks reports. Praxis Precision Medicines had a negative net margin of 2,137.48% and a negative return on equity of 60.07%.

Praxis Precision Medicines Stock Down 2.8%

Shares of PRAX stock traded down $1.33 during trading on Friday, hitting $45.94. The company had a trading volume of 438,540 shares, compared to its average volume of 451,198. The stock's 50-day moving average is $47.96 and its two-hundred day moving average is $48.50. The stock has a market capitalization of $967.04 million, a price-to-earnings ratio of -3.74 and a beta of 2.62. Praxis Precision Medicines has a 52 week low of $26.70 and a 52 week high of $91.83.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently bought and sold shares of PRAX. Creative Planning purchased a new position in Praxis Precision Medicines in the second quarter worth $273,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Praxis Precision Medicines by 367.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company's stock worth $3,298,000 after purchasing an additional 68,466 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Praxis Precision Medicines by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company's stock worth $444,000 after purchasing an additional 573 shares in the last quarter. Hedge funds and other institutional investors own 67.84% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PRAX shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $80.00 price target on shares of Praxis Precision Medicines in a report on Thursday, June 12th. Oppenheimer increased their price objective on Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Wedbush lifted their target price on Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a report on Monday, May 5th. Chardan Capital reiterated a "buy" rating and set a $80.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, July 29th. Finally, HC Wainwright restated a "buy" rating and issued a $115.00 price objective (up from $105.00) on shares of Praxis Precision Medicines in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $95.22.

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.