Praxis Precision Medicines (NASDAQ:PRAX – Get Free Report) issued its quarterly earnings results on Monday. The company reported ($3.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.54) by $0.31, FiscalAI reports.
Here are the key takeaways from Praxis Precision Medicines’ conference call:
- Praxis said FDA discussions for ulixacaltamide are advanced and focused largely on labeling; management expressed strong confidence in approval around January and said it is preparing to launch promptly.
- Ulixacaltamide could require DEA scheduling, which management said may take about three months and prevent the company from shipping the drug until finalized. Praxis is arguing for no scheduling, but the outcome remains uncertain.
- The review of relutrigine appears less advanced than ulixacaltamide’s: FDA questions were discussed at the late-cycle meeting, leaving more uncertainty ahead of the December 27 PDUFA date, though Praxis said no information requests are currently pending.
- The EMERALD study has completed its last patient visits, but Praxis did not give a precise readout date, citing extensive data checks. Management voiced strong confidence in the study, while results have not yet been disclosed.
- Praxis reported $1.3 billion in cash and said its runway extends into 2028, including planned launches and pipeline investment. It also expects EMBRAVE3 to potentially support an elsunersen NDA and said the POWER2 study is underway, with POWER3 planned to start next year.
Praxis Precision Medicines Stock Performance
Shares of NASDAQ PRAX traded up $11.96 during mid-day trading on Wednesday, reaching $349.55. The company had a trading volume of 287,870 shares, compared to its average volume of 467,886. Praxis Precision Medicines has a twelve month low of $160.11 and a twelve month high of $392.70. The stock has a market capitalization of $9.76 billion, a PE ratio of -27.29 and a beta of 2.85. The stock’s 50 day moving average is $291.24 and its 200-day moving average is $313.99.
Praxis Precision Medicines News Roundup
Investors following PRAX have been watching these news items:
- Positive Sentiment: BTIG reaffirmed its Buy rating and $826 price target, while RBC raised its target to $478 and maintained an Outperform rating. A separate analyst roundup cited an average target of $630.42. BTIG Buy rating RBC rating and price target Analyst average price target
- Neutral Sentiment: A report on short interest says it was zero shares as of November 10, despite describing it as a large increase. That inconsistency makes the data difficult to interpret as a clear trading signal.
- Negative Sentiment: Some analysts remain cautious: Wedbush maintained an Underperform rating and raised its target only slightly, to $189; Wells Fargo cut its target to $343 and kept an Equal Weight rating. Wedbush rating Wells Fargo rating
Analysts Set New Price Targets
PRAX has been the topic of a number of recent research reports. Raymond James Financial restated a “strong-buy” rating and issued a $945.00 target price on shares of Praxis Precision Medicines in a report on Monday, August 17th. Wedbush increased their price target on Praxis Precision Medicines from $188.00 to $189.00 and gave the company an “underperform” rating in a research report on Tuesday. UBS Group started coverage on Praxis Precision Medicines in a research note on Wednesday, October 14th. They issued a “buy” rating and a $706.00 price target on the stock. Robert W. Baird set a $514.00 price target on Praxis Precision Medicines in a research note on Friday, August 7th. Finally, Wall Street Zen downgraded Praxis Precision Medicines from a “hold” rating to a “sell” rating in a report on Saturday, October 17th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $631.68.
Check Out Our Latest Report on PRAX
Praxis Precision Medicines Company Profile
Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on developing treatments for neurological and psychiatric disorders. The company applies neuroscience and precision-medicine research to conditions involving abnormalities in brain circuits and neuronal activity. Its investigational programs have included small-molecule therapies for disorders such as essential tremor and epilepsy, as well as genetic-medicine approaches for certain rare neurological conditions. These candidates are in development and are not approved treatments.
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