Shares of Praxis Precision Medicines, Inc. (PRAX) plummeted 5.4% in pre-market trading on Thursday, following the company's release of its fourth quarter 2024 earnings results and financial update on Wednesday evening.
According to the earnings report, Praxis Precision Medicines reported weaker-than-expected revenue and wider losses for the quarter, missing analysts' estimates. The company also provided a gloomy outlook for its drug pipeline and clinical trial progress, citing delays and setbacks in some of its key programs.
The disappointing financial performance and bleak outlook appear to have rattled investors, leading to the significant sell-off in PRAX stock. Analysts warn that the company may face challenges in raising additional capital or securing partnerships if its drug development efforts continue to falter.
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