Eupraxia Pharmaceuticals (NASDAQ:EPRX) Shares Climb 6.5% – Here’s Why

Eupraxia Pharmaceuticals Inc. (NASDAQ:EPRX) shares were up 6.5% during mid-day trading on Wednesday. The stock traded as high as $8.51 and last traded at $8.8540. Approximately 123,613 shares changed hands during trading, a decline of 60% from the average daily volume of 311,427 shares. The stock had previously closed at $8.31.

Wall Street Analysts Forecast Growth

EPRX has been the subject of several analyst reports. Wall Street Zen raised shares of Eupraxia Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Saturday, September 12th. Stifel Nicolaus set a $25.00 price objective on shares of Eupraxia Pharmaceuticals in a research report on Thursday, September 24th. Wedbush assumed coverage on shares of Eupraxia Pharmaceuticals in a research note on Thursday, September 24th. They set an “outperform” rating and a $17.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eupraxia Pharmaceuticals in a report on Friday, July 17th. Finally, Oppenheimer initiated coverage on Eupraxia Pharmaceuticals in a research report on Thursday, June 25th. They issued an “outperform” rating and a $17.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $17.80.

Eupraxia Pharmaceuticals Stock Performance

The stock’s 50-day simple moving average is $7.26 and its 200-day simple moving average is $7.01. The stock has a market cap of $585.43 million, a price-to-earnings ratio of -8.83 and a beta of 1.07. The company has a current ratio of 16.00, a quick ratio of 16.00 and a debt-to-equity ratio of 0.02.

Eupraxia Pharmaceuticals (NASDAQ:EPRX) last released its earnings results on Tuesday, August 11th. The company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.02. Analysts forecast that Eupraxia Pharmaceuticals Inc. will post -0.85 earnings per share for the current fiscal year.

Institutional Trading of Eupraxia Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Affinity Asset Advisors LLC lifted its holdings in Eupraxia Pharmaceuticals by 429.7% during the 1st quarter. Affinity Asset Advisors LLC now owns 1,589,005 shares of the company’s stock worth $11,504,000 after buying an additional 1,289,005 shares during the period. Jupiter Topco LLC bought a new position in Eupraxia Pharmaceuticals during the second quarter worth $6,851,000. Seven Fleet Capital Management LP bought a new stake in Eupraxia Pharmaceuticals in the first quarter valued at $5,137,000. Redmile Group LLC acquired a new position in shares of Eupraxia Pharmaceuticals during the first quarter valued at about $5,068,000. Finally, Rubric Capital Management LP acquired a new stake in shares of Eupraxia Pharmaceuticals in the 1st quarter valued at about $5,004,000.

Eupraxia Pharmaceuticals Company Profile

Eupraxia Pharmaceuticals Inc (NASDAQ:EPRX) is a clinical-stage biotechnology company based in Canada. The company develops locally administered therapies intended to treat inflammatory, fibrotic and other diseases while limiting patients’ exposure to medication throughout the body.

Eupraxia’s development programs are built around its proprietary Diffusion Driven Drug Delivery (3D) platform. The technology is designed to provide controlled, sustained release of pharmaceutical compounds at targeted sites, potentially extending treatment effects and reducing systemic side effects.

The company’s lead product candidate, EP-104I, is an extended-release formulation of fluticasone propionate being developed for intra-articular administration in patients with osteoarthritis of the knee.