What is HC Wainwright's Forecast for PRAX FY2030 Earnings?

Key Points

• HC Wainwright cut its FY2030 EPS estimate for Praxis Precision Medicines to $125.74 from $129.08, but kept a Buy rating and a $1,201 price target.
• The revision comes after vormatrigine’s POWER1 study missed its main efficacy goal, prompting Praxis to pause the POWER2 study and reevaluate its seizure program.
• Despite the setback, analyst sentiment remains mixed-to-positive overall: the stock has a Moderate Buy consensus rating, though several firms have recently trimmed price targets.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) - HC Wainwright lowered their FY2030 earnings per share (EPS) estimates for Praxis Precision Medicines in a research report issued on Tuesday, June 2nd. HC Wainwright analyst D. Tsao now expects that the company will post earnings per share of $125.74 for the year, down from their prior forecast of $129.08. HC Wainwright currently has a "Buy" rating and a $1,201.00 target price on the stock. The consensus estimate for Praxis Precision Medicines' current full-year earnings is ($14.79) per share.

PRAX has been the subject of several other reports. Wolfe Research assumed coverage on Praxis Precision Medicines in a report on Monday, February 23rd. They set an "outperform" rating and a $500.00 price target for the company. Wedbush reduced their price target on Praxis Precision Medicines from $166.00 to $162.00 and set an "underperform" rating for the company in a research note on Tuesday. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $374.00 price target (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday. TD Cowen restated a "buy" rating on shares of Praxis Precision Medicines in a research note on Tuesday. Finally, Wells Fargo & Company set a $305.00 price target on Praxis Precision Medicines and gave the company an "equal weight" rating in a research note on Friday, February 20th. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $572.72.

Praxis Precision Medicines Stock Down 23.0%

PRAX opened at $258.08 on Wednesday. Praxis Precision Medicines has a 12-month low of $37.19 and a 12-month high of $366.52. The stock has a market cap of $7.20 billion, a price-to-earnings ratio of -19.30 and a beta of 2.71. The business has a 50 day moving average of $327.22 and a 200-day moving average of $296.62.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($3.58) by $0.38.

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC raised its holdings in Praxis Precision Medicines by 2.0% in the 1st quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company's stock valued at $655,974,000 after acquiring an additional 40,000 shares in the last quarter. CTC Alternative Strategies Ltd. acquired a new position in Praxis Precision Medicines in the 1st quarter valued at $298,000. Vivo Capital LLC raised its holdings in Praxis Precision Medicines by 3.0% in the 1st quarter. Vivo Capital LLC now owns 338,895 shares of the company's stock valued at $109,189,000 after acquiring an additional 10,000 shares in the last quarter. Bank of America Corp DE raised its holdings in Praxis Precision Medicines by 2.3% in the 1st quarter. Bank of America Corp DE now owns 534,604 shares of the company's stock valued at $172,244,000 after acquiring an additional 11,841 shares in the last quarter. Finally, Stempoint Capital LP raised its holdings in Praxis Precision Medicines by 167.1% in the 1st quarter. Stempoint Capital LP now owns 56,267 shares of the company's stock valued at $18,129,000 after acquiring an additional 35,200 shares in the last quarter. Institutional investors own 67.84% of the company's stock.

Key Headlines Impacting Praxis Precision Medicines

Here are the key news stories impacting Praxis Precision Medicines this week:

• Negative Sentiment: Praxis announced that the POWER1 study of vormatrigine did not meet its main efficacy goal, and it is pausing the POWER2 study to reevaluate the seizure program. Praxis Precision Medicines Provides Vormatrigine Program Update
• Negative Sentiment: Multiple reports highlighted the trial miss and said the stock fell after hours on the news, reinforcing investor concern about the epilepsy franchise. Praxis Precision's epilepsy drug misses main goal of mid-to-late stage study
• Negative Sentiment: Wedbush and other analysts trimmed price targets following the update, signaling reduced confidence in the near-term outlook. Praxis Precision Medicines had its price target lowered by Wedbush
• Neutral Sentiment: HC Wainwright also cut its FY2030 EPS estimate slightly but kept a Buy rating and a high target price, suggesting longer-term optimism despite the setback. HC Wainwright reduced FY2030 earnings estimates for Praxis Precision Medicines
• Neutral Sentiment: Praxis also granted inducement stock awards to new employees, a routine hiring-related action with limited immediate impact on the share price. Praxis Precision Medicines Announces Inducement Grants

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company's pipeline includes several lead candidates at various stages of development.

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