Long Position on PRAX @ $54.85 on 4/15/2024 (Fundamentals)

Praxis Precision Medicines, Inc. (PRAX), a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance.

It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.

The company also develops PRAX-222 for the treatment of pediatric patients with early-onset SCN2A-DEE; PRAX-020 to treat KCNT1 related epilepsies; PRAX-080 for the treatment of PCDH19; and PRAX-090 and PRAX-100 for SYNGAP1 and SCN2A-LoF.

It has a license agreement with RogCon Inc.; a research collaboration and license agreement with Ionis Pharmaceuticals, Inc.; a strategic collaboration and license agreement with UCB Biopharma SRL; and collaboration with The Florey Institute to develop three novel ASOs.

The company was incorporated in 2015 and is based in Boston, Massachusetts.

Please note, this stock reported earnings on March 5, 2024.

Praxis Precision Medicines reported a loss of $2.97 per share on revenue of $0.52 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $3.15 per share on revenue of $0.05 million. The company beat consensus estimates by 5.71%.

The company announced that it will deliver presentations of two abstracts showcasing progress of its clinical program evaluating ulixacaltamide for adults with essential tremor (ET) at the American Academy of Neurology (AAN) 2024 Annual Meeting taking place in Denver, Colorado, April 13 – 18, 2024.

Entry Point: $54.85

Trading Range: $12.45 - $67.21

Stop Loss: $52.25

Target Price: $60.35

Position closed on 4/19/2024 at price of $52.25 with a -4.74% loss in 4 days.

Back to Portfolio