Praxis Precision Medicines (NASDAQ:PRAX) Issues Earnings Results

Praxis Precision Medicines (NASDAQ:PRAX) released its earnings results on Thursday. The company reported ($3.20) EPS for the quarter, topping analysts’ consensus estimates of ($3.58) by $0.38, FiscalAI reports.

Here are the key takeaways from Praxis Precision Medicines’ conference call:

• NDAs accepted for ulixacaltamide and relutrigine with PDUFA dates set (ulixacaltamide: Jan 29; relutrigine: Sep 27), and the company is scaling its commercial organization, distribution and payer/access efforts ahead of potential U.S. launches.
• Enrollment for the EMERALD study is complete and top-line results are expected in Q4; a positive readout could support a supplemental NDA to expand relutrigine into the broader DEE population (~200,000 U.S. patients), materially increasing commercial potential.
• EMBRAVE Part A data for the Solidus ASO elsunersen showed a 77% placebo?adjusted reduction in monthly seizures and signs of disease?modifying benefit in SCN2A early?onset DEE with a generally favorable tolerability profile.
• The vormatrigine program has near?term catalysts — POWER1 readout later this quarter and ongoing POWER2/POWER3 studies — and management reports encouraging blinded safety data and expectation of meaningful efficacy across flexible 20/30/40 mg dosing.
• Q1 financials showed operating expenses of ~$106M and $86M of cash used (up versus prior year) but a strengthened cash balance of ~$1.4B after a January follow?on offering, which management says funds operations into 2028.

Praxis Precision Medicines Stock Down 1.4%

Praxis Precision Medicines stock traded down $4.79 during midday trading on Thursday, reaching $333.28. The stock had a trading volume of 457,694 shares, compared to its average volume of 400,075. The firm has a market cap of $9.29 billion, a price-to-earnings ratio of -24.76 and a beta of 2.76. Praxis Precision Medicines has a 52-week low of $35.21 and a 52-week high of $356.00. The company has a fifty day moving average of $317.78 and a 200 day moving average of $277.56.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Truist Financial upgraded shares of Praxis Precision Medicines to a “strong-buy” rating in a research report on Wednesday, March 25th. Wedbush raised their price target on Praxis Precision Medicines from $95.00 to $130.00 and gave the company an “underperform” rating in a report on Friday, February 20th. Raymond James Financial initiated coverage on Praxis Precision Medicines in a research note on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 price objective for the company. Jefferies Financial Group reissued a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday. Finally, Wolfe Research began coverage on Praxis Precision Medicines in a report on Monday, February 23rd. They issued an “outperform” rating and a $500.00 price target on the stock. Five investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Praxis Precision Medicines currently has a consensus rating of “Buy” and a consensus price target of $590.78.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRAX. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $81,464,000. Invesco Ltd. raised its position in Praxis Precision Medicines by 269.4% during the 4th quarter. Invesco Ltd. now owns 77,088 shares of the company’s stock valued at $22,721,000 after purchasing an additional 56,220 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Praxis Precision Medicines in the 4th quarter worth $357,000. Mackenzie Financial Corp bought a new position in shares of Praxis Precision Medicines during the 4th quarter worth $415,000. Finally, Coastal Bridge Advisors LLC increased its stake in shares of Praxis Precision Medicines by 8.0% during the fourth quarter. Coastal Bridge Advisors LLC now owns 4,154 shares of the company’s stock valued at $1,224,000 after buying an additional 308 shares during the period. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

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.