HC Wainwright Has Negative Estimate for PRAX FY2029 Earnings

Key Points

• HC Wainwright has decreased its FY2029 earnings per share estimate for Praxis Precision Medicines from $22.65 to $21.43, while maintaining a "Buy" rating and a target price of $115.00.
• The company's recent quarterly earnings showed an EPS of ($3.31), surpassing analyst expectations of ($3.40), despite a negative net margin of 2,137.48%.
• Institutional investors currently own 67.84% of Praxis Precision Medicines, indicating significant interest from larger financial entities in the company's stock.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) - Stock analysts at HC Wainwright cut their FY2029 EPS estimates for Praxis Precision Medicines in a research note issued to investors on Tuesday, August 5th. HC Wainwright analyst D. Tsao now forecasts that the company will earn $21.43 per share for the year, down from their previous forecast of $22.65. HC Wainwright has a "Buy" rating and a $115.00 price target on the stock. The consensus estimate for Praxis Precision Medicines' current full-year earnings is ($10.22) per share.

Other equities research analysts have also recently issued research reports about the company. Wedbush lifted their price target 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. Oppenheimer raised their price target on Praxis Precision Medicines from $97.00 to $115.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, June 12th. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $95.22.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock traded down $1.33 on Wednesday, reaching $45.94. 438,540 shares of the company were exchanged, compared to its average volume of 543,862. Praxis Precision Medicines has a 1-year low of $26.70 and a 1-year high of $91.83. The firm has a market cap of $966.85 million, a price-to-earnings ratio of -3.74 and a beta of 2.62. The company's 50-day moving average is $48.11 and its two-hundred day moving average is $48.06.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported ($3.31) earnings per share for the quarter, beating the consensus estimate of ($3.40) by $0.09. Praxis Precision Medicines had a negative return on equity of 60.07% and a negative net margin of 2,137.48%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PRAX. Nisa Investment Advisors LLC boosted its holdings in shares of Praxis Precision Medicines by 88.3% during the second quarter. Nisa Investment Advisors LLC now owns 629 shares of the company's stock worth $26,000 after purchasing an additional 295 shares during the period. GF Fund Management CO. LTD. acquired a new position in Praxis Precision Medicines in the fourth quarter worth about $30,000. CWM LLC grew its stake in shares of Praxis Precision Medicines by 877.9% in the 2nd quarter. CWM LLC now owns 753 shares of the company's stock valued at $32,000 after purchasing an additional 676 shares during the period. GAMMA Investing LLC lifted its position in shares of Praxis Precision Medicines by 6,075.4% during the 1st quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock worth $152,000 after buying an additional 3,949 shares during the period. Finally, Graham Capital Management L.P. bought a new stake in Praxis Precision Medicines in the fourth quarter valued at $209,000. Institutional investors and hedge funds 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.