Currently, Praxis Precision Medicines Inc [PRAX] is trading at $61.02, up 3.07%. One of the good ways to gauge the recent performance is if the stock’s short-term value is rising or falling. The PRAX shares have gain 16.43% over the last week, with a monthly amount glided 27.87%, and seem to be holding up well over a long-time horizon.
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On 28, March 2024, Praxis Precision Medicines, Inc. Announces Pricing of $200 Million Public Offering. In a post published today on Yahoo Finance, Praxis Precision Medicines, Inc. (NASDAQ: PRAX), a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system (CNS) disorders characterized by neuronal excitation-inhibition imbalance, today announced the pricing of its underwritten public offering of 3,318,585 shares of its common stock at a public offering price per share of $56.50 and, in lieu of shares of common stock, pre-funded warrants to purchase up to an aggregate of 221,238 shares of common stock at a purchase price of $56.4999 per pre-funded warrant, which equals the public offering price per share of the common stock less the $0.0001 per share exercise price of each pre-funded warrant. The gross proceeds from the offering are expected to be approximately $200 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Praxis. All shares and pre-funded warrants in the offering are being offered by Praxis. In addition, Praxis has granted the underwriters a 30-day option to purchase up to 530,973 additional shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about April 2, 2024, subject to market conditions and the satisfaction of customary closing conditions.
From an analyst’s perspective:
Praxis Precision Medicines Inc [NASDAQ: PRAX] stock has seen the most recent analyst activity on September 19, 2023, when Truist initiated its Buy rating and assigned the stock a price target of $10. Previously, Wedbush downgraded its rating to Neutral on June 06, 2022, and kept the price target unchanged to $4. On December 16, 2021, H.C. Wainwright initiated with a Buy rating and assigned a price target of $48 on the stock. BofA Securities started tracking the stock assigning a Buy rating and suggested a price target of $28 on August 26, 2021. William Blair initiated its recommendation with a Outperform. Wedbush started tracking with a Outperform rating for this stock on November 11, 2020, and assigned it a price target of $40. In a note dated November 10, 2020, Piper Sandler initiated an Overweight rating and provided a target price of $65 on this stock.
This stock has fluctuated between a low of $11.85 and a high of $67.21 over the last 52 weeks. Currently, Wall Street analysts expect the stock to reach $128 within the next 12 months. Praxis Precision Medicines Inc [NASDAQ: PRAX] shares were valued at $61.02 at the most recent close of the market. An investor can expect a potential return of 109.77% based on the average PRAX price forecast.
Analyzing the PRAX fundamentals
Gross Profit Margin for this corporation currently stands at 0.57% with Operating Profit Margin at -51.64%, Pretax Profit Margin comes in at -50.38%, and Net Profit Margin reading is -50.12%. To continue investigating profitability, this company’s Return on Assets is posted at -1.39, Equity is -1.5 and Total Capital is -1.75. Upon thorough examination of the company’s fundamental financial framework, it becomes apparent that the debt-to-equity ratio stands at 0.04.
Before buying any particular stock, readers tend to pay close attention to the indicators that support and create resistance. The company’s stock is currently sitting at 56.69 points at the first support level, and at 52.37 for the second support level. However, for the 1st resistance point, the stock is sitting at 65.02, and for the 2nd resistance point, it is at 69.03.
Praxis Precision Medicines Inc [PRAX] reported earnings per share of -$2.97 for its fiscal quarter that ended on 12/30/2023. Based on the Wall Street analysts’ estimates, the company was expected to report earnings of -$3.18/share, meaning a difference of $0.21 and a surprise factor of 6.60%. By comparison, the stated earnings for the previous quarter ended on 9/29/2023 were -$2.7 per share as compared to estimates of -$5.25 per share, a difference of $2.55 representing a surprise of 48.60%.
Ratios To Look Out For
To put it in perspective, the Current Ratio for Praxis Precision Medicines Inc [NASDAQ:PRAX] is 5.39. Also, the Quick Ratio is 5.39, while the Cash Ratio stands at 5.16. Considering the valuation of this stock, the price to sales ratio is 329.76, the price to book ratio is 7.70.
Transactions by insiders
Recent insider trading involved DeSimone Jill, Director, that happened on Oct 05 ’23 when 14500.0 shares were purchased. Chief Executive Officer, Souza Marcio completed a deal on Jun 27 ’23 to buy 10000.0 shares.
