Eupraxia Pharmaceuticals (NASDAQ:EPRX) Shares Gap Up – Still a Buy?

Eupraxia Pharmaceuticals Inc. (NASDAQ:EPRX)’s stock price gapped up before the market opened on Thursday. The stock had previously closed at $8.14, but opened at $8.35. Eupraxia Pharmaceuticals shares last traded at $8.08, with a volume of 12,414 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on EPRX shares. Wedbush initiated coverage on Eupraxia Pharmaceuticals in a research note on Thursday. They set an “outperform” rating and a $17.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Eupraxia Pharmaceuticals in a research report on Wednesday, July 15th. Stifel Nicolaus set a $25.00 target price on Eupraxia Pharmaceuticals in a report on Thursday. Wall Street Zen upgraded Eupraxia Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, September 12th. Finally, Oppenheimer assumed coverage on Eupraxia Pharmaceuticals in a research note on Thursday, June 25th. They issued an “outperform” rating and a $17.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.80.

Eupraxia Pharmaceuticals Price Performance

The company’s 50-day moving average is $7.18 and its 200-day moving average is $7.01. The firm has a market cap of $520.81 million, a price-to-earnings ratio of -7.85 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 announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.25) by $0.02. Equities research analysts predict that Eupraxia Pharmaceuticals Inc. will post -0.85 earnings per share for the current year.

Hedge Funds Weigh In On Eupraxia Pharmaceuticals

Institutional investors have recently modified their holdings of the business. AXQ Capital LP lifted its position in shares of Eupraxia Pharmaceuticals by 34.2% during the 2nd quarter. AXQ Capital LP now owns 21,150 shares of the company’s stock worth $140,000 after buying an additional 5,390 shares during the last quarter. Seven Fleet Capital Management LP bought a new position in Eupraxia Pharmaceuticals in the second quarter valued at about $4,037,289. Bank of America Corp DE bought a new position in Eupraxia Pharmaceuticals in the second quarter valued at about $1,750,000. Jupiter Topco LLC acquired a new position in Eupraxia Pharmaceuticals during the second quarter worth about $6,851,000. Finally, Cibc World Market Inc. acquired a new position in Eupraxia Pharmaceuticals during the second quarter worth about $1,539,000.

About Eupraxia Pharmaceuticals

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.