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Praxis Precision Medicines (PRAX) Surges 6.4%: Is This an Indication of Further Gains?
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Praxis Precision Medicines, Inc. (PRAX - Free Report) shares soared 6.4% in the last trading session to close at $40.11. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 11.4% loss over the past four weeks.
The sudden rise in the stock price was observed after its competitor firm, Jazz Pharmaceuticals, announced the failure of its mid-stage study evaluating an investigational candidate, suvecaltamide, in adult patients with essential tremor (ET). Praxis’ most advanced product candidate, ulixacaltamide (formerly known as PRAX-944), is currently being evaluated in a late-stage study for the ET indication. Topline data from the phase III study is expected in the second half of 2024. The stock price gain signifies that the investors are optimistic about ulixacaltamide’s potential to succeed in the late-stage study.
This company is expected to post quarterly loss of $2.39 per share in its upcoming report, which represents a year-over-year change of +67.5%. Revenues are expected to be $1.67 million, up 114.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Praxis Precision Medicines, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on PRAX going forward to see if this recent jump can turn into more strength down the road.
Praxis Precision Medicines is part of the Zacks Medical - Biomedical and Genetics industry. Harmony Biosciences Holdings, Inc. (HRMY - Free Report) , another stock in the same industry, closed the last trading session 0.3% lower at $28.81. HRMY has returned -4.3% in the past month.
Harmony Biosciences' consensus EPS estimate for the upcoming report has changed -114.8% over the past month to -$0.04. Compared to the company's year-ago EPS, this represents a change of -107.1%. Harmony Biosciences currently boasts a Zacks Rank of #3 (Hold).
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Praxis Precision Medicines (PRAX) Surges 6.4%: Is This an Indication of Further Gains?
Praxis Precision Medicines, Inc. (PRAX - Free Report) shares soared 6.4% in the last trading session to close at $40.11. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 11.4% loss over the past four weeks.
The sudden rise in the stock price was observed after its competitor firm, Jazz Pharmaceuticals, announced the failure of its mid-stage study evaluating an investigational candidate, suvecaltamide, in adult patients with essential tremor (ET). Praxis’ most advanced product candidate, ulixacaltamide (formerly known as PRAX-944), is currently being evaluated in a late-stage study for the ET indication. Topline data from the phase III study is expected in the second half of 2024. The stock price gain signifies that the investors are optimistic about ulixacaltamide’s potential to succeed in the late-stage study.
This company is expected to post quarterly loss of $2.39 per share in its upcoming report, which represents a year-over-year change of +67.5%. Revenues are expected to be $1.67 million, up 114.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Praxis Precision Medicines, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on PRAX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Praxis Precision Medicines is part of the Zacks Medical - Biomedical and Genetics industry. Harmony Biosciences Holdings, Inc. (HRMY - Free Report) , another stock in the same industry, closed the last trading session 0.3% lower at $28.81. HRMY has returned -4.3% in the past month.
Harmony Biosciences' consensus EPS estimate for the upcoming report has changed -114.8% over the past month to -$0.04. Compared to the company's year-ago EPS, this represents a change of -107.1%. Harmony Biosciences currently boasts a Zacks Rank of #3 (Hold).