Truist Financial has recently started coverage on Praxis Precision Medicines, a clinical-stage biopharmaceutical company, with a “buy” rating and a price target of $10.00 per share. This report was released on September 19, 2023.
NASDAQ PRAX opened at $1.42 on Tuesday, displaying its recent trading activity. The company’s 50-day moving average price is $1.23, while its 200-day moving average price is $1.09. Over the past twelve months, Praxis Precision Medicines has seen a low of $0.79 and a high of $5.25 in terms of stock performance. The firm currently holds a market capitalization of $182.53 million, with a PE ratio of -0.47 and a beta of 2.93.
Praxis Precision Medicines specializes in developing therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. One of their leading candidates is ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is currently undergoing Phase IIb clinical trials to treat essential tremor and Phase II clinical trials for Parkinson’s disease treatment.
In addition to ulixacaltamide, Praxis Precision Medicines also has PRAX-562 in development for pediatric patients with developmental and epileptic encephalopathies (DEE), as well as PRAX-628 for focal epilepsy treatment.
In terms of financial performance, Praxis Precision Medicines last announced its earnings results on Wednesday, August 9th. During this quarter, the company reported earnings per share (EPS) of ($0.49), which exceeded analysts’ consensus estimates by $0.17 per share ($0.66). Furthermore, the company generated revenue amounting to $0.78 million during this period.
Looking ahead, equities analysts anticipate that Praxis Precision Medicines will post -1.83 EPS for the current year, suggesting a potential loss. Investors and stakeholders alike will be keen to monitor the company’s progress and milestones as it continues its clinical trials and research in the field of central nervous system disorders.
With Truist Financial recommending a “buy” rating for Praxis Precision Medicines, investors may find this report influential in assessing the stock’s potential growth prospects. However, as always, it is important to conduct thorough research and analysis before making any investment decisions based on such recommendations.
First Trust India NIFTY 50 Equal Weight ETF
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Updated on: 19/09/2023
Financial Health
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Praxis Precision Medicines: An Analysis of Analyst Assessments, Hedge Fund Investments, and Market Potential
Praxis Precision Medicines, a leading biopharmaceutical company in the healthcare industry, has been receiving significant attention and analysis from equities analysts. The latest assessments from various analysts have shed light on the company’s performance and potential.
One of the firms that shared their insights is HC Wainwright, which recently adjusted its price objective for Praxis Precision Medicines. In their research note on Thursday, August 10th, HC Wainwright lowered the price objective from $15.00 to $7.00. Despite this decrease, they maintained a “buy” rating on the stock, reflecting a positive outlook for investor interest in the company.
Jefferies Financial Group also expressed their opinion on Praxis Precision Medicines by initiating coverage in a research report published on Friday, June 2nd. Their assessment resulted in assigning a “buy” rating for the stock. This, along with HC Wainwright’s recommendation, further highlights the market appeal of Praxis Precision Medicines.
Several hedge funds have also been actively involved in trading shares of PRAX recently. Y Intercept Hong Kong Ltd made a notable investment during the second quarter of this year, acquiring a new stake valued at approximately $77,000. Similarly, Point72 Asset Management L.P., known for their astute investment strategies, increased their stake in Praxis Precision Medicines by an astounding 21,000.0% during the same period.
Silverarc Capital Management LLC also entered into a position with Praxis Precision Medicines during the second quarter with an investment worth $3,998,000. Additionally, Sphera Funds Management LTD., known for their expertise in healthcare investments, made an acquisition worth about $10,079,000.
CIBC Asset Management Inc demonstrated confidence in Praxis Precision Medicines by raising its stake significantly during the second quarter of this year. The firm now owns 1,530,485 shares of PRAX, with a total value amounting to $1,760,000 after purchasing an additional 246,014 shares.
These recent developments in the financial landscape shed light on the growing popularity and potential of Praxis Precision Medicines. As positive ratings from reputable equities analysts and increased investments from notable hedge funds indicate, there is a keen interest in the company’s future prospects and success in the healthcare industry. It will be interesting to see how Praxis Precision Medicines continues to navigate these dynamic market conditions and capitalize on its potential for growth and innovation.
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