Eupraxia Pharmaceuticals (NASDAQ:EPRX) Shares Climb 11.4% – Time to Buy?

Eupraxia Pharmaceuticals Inc. (NASDAQ:EPRX)’s share price shot up 11.4% during trading on Tuesday. The stock traded as high as $7.66 and last traded at $7.74. 447,718 shares changed hands during mid-day trading, an increase of 20% from the average daily volume of 372,033 shares. The stock had previously closed at $6.95.

Wall Street Analysts Forecast Growth

EPRX has been the subject of a number of recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Eupraxia Pharmaceuticals in a research note on Thursday, October 8th. Oppenheimer reiterated an “outperform” rating on shares of Eupraxia Pharmaceuticals in a research report on Tuesday. Wedbush began coverage on Eupraxia Pharmaceuticals in a research note on Thursday, September 24th. They set an “outperform” rating and a $17.00 target price on the stock. HC Wainwright reissued a “buy” rating and issued a $11.00 price target on shares of Eupraxia Pharmaceuticals in a report on Thursday, October 1st. Finally, Wall Street Zen cut Eupraxia Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, October 17th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.80.

Eupraxia Pharmaceuticals Price Performance

The company’s 50 day moving average is $7.58 and its two-hundred day moving average is $7.03. The company has a debt-to-equity ratio of 0.02, a quick ratio of 16.00 and a current ratio of 16.00.

Eupraxia Pharmaceuticals (NASDAQ:EPRX) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.02. As a group, research analysts predict that Eupraxia Pharmaceuticals Inc. will post -0.85 EPS for the current year.

Institutional Investors Weigh In On Eupraxia Pharmaceuticals

Large investors have recently made changes to their positions in the company. Affinity Asset Advisors LLC grew 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 valued at $11,504,000 after buying an additional 1,289,005 shares in the last quarter. Jupiter Topco LLC bought a new stake in Eupraxia Pharmaceuticals in the 2nd quarter worth approximately $6,851,000. Seven Fleet Capital Management LP purchased a new stake in shares of Eupraxia Pharmaceuticals during the 1st quarter worth approximately $5,137,000. Redmile Group LLC purchased a new stake in shares of Eupraxia Pharmaceuticals during the 1st quarter worth approximately $5,068,000. Finally, Rubric Capital Management LP purchased a new stake in shares of Eupraxia Pharmaceuticals during the 1st quarter worth approximately $5,004,000.

About Eupraxia Pharmaceuticals

Eupraxia Pharmaceuticals Inc (NASDAQ:EPRX) is a Canadian clinical-stage biotechnology company focused on developing locally delivered therapies designed to treat disease at the site of action while potentially reducing systemic exposure and associated side effects. The company is headquartered in Victoria, British Columbia, and is developing candidates for inflammatory and other serious medical conditions.

Eupraxia’s lead program, EP-262, is an extended-release formulation of dexamethasone being developed for the treatment of pain and inflammation associated with osteoarthritis of the knee.