These Analysts Increase Their Forecasts On Praxis Precision Medicines After Q2 Results

Author: Avi Kapoor | August 14, 2024 03:14pm

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) reported a loss for the second quarter on Tuesday.

The company posted a quarterly loss of $1.74 per share which beat the analyst consensus estimate for a loss of $2.31 per share. The company reported quarterly sales of $357.000 thousand which missed the analyst consensus estimate of $870.000 thousand.

“In the second quarter we continued to advance our entire portfolio, and we are poised to soon have up to four programs in registrational stage. The Essential3 program continues to progress well, with a pre-planned interim analysis of Study 1 to be conducted later this year. We remain on track for a successful topline readout enabling an NDA filing in 2025,” said Marcio Souza, president and chief executive officer of Praxis. “We look forward to sharing topline results of the EMBOLD study for relutrigine, formerly known as PRAX-562, in SCN2A and 8A patients later this quarter and believe these indications could be the tip of the iceberg for future application of PRAX-562 in other DEEs.”

PRAX shares fell 1.7% to trade at $51.33 on Wednesday.

These analysts made changes to their price targets on PRAX following earnings announcement.

• Wedbush analyst Laura Chico maintained Praxis Precision Medicine with a Neutral rating and raised the price target from $40 to $48.
• Guggenheim analyst Yatin Suneja maintained the stock with a Buy rating, while increasing the price target from $155 to $170.
• Oppenheimer analyst Francois Brisebois reiterated Praxis Precision Medicine with an Outperform rating and maintained a price target of $134.
• Needham analyst Ami Fadia reiterated the stock with a Buy and maintained a price target of $145.

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Posted In: PRAX