Praxis Precision Medicines’ (PRAX) “Outperform” Rating Reaffirmed at Oppenheimer

Oppenheimer restated their outperform rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report report published on Wednesday, Benzinga reports. Oppenheimer currently has a $143.00 price target on the stock, up from their prior price target of $134.00.

Several other brokerages have also recently issued reports on PRAX. Needham & Company LLC reiterated a buy rating and set a $145.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, September 3rd. HC Wainwright reiterated a buy rating and set a $120.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd. Piper Sandler reissued an overweight rating and issued a $270.00 target price on shares of Praxis Precision Medicines in a research report on Monday, July 1st. Wedbush lifted their price target on Praxis Precision Medicines from $40.00 to $48.00 and gave the company a neutral rating in a research report on Wednesday, August 14th. Finally, Guggenheim upped their price target on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a buy rating in a research note on Wednesday, August 14th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Praxis Precision Medicines has a consensus rating of Moderate Buy and an average price target of $143.44.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock opened at $54.02 on Wednesday. Praxis Precision Medicines has a fifty-two week low of $13.01 and a fifty-two week high of $67.21. The firm has a market cap of $924.17 million, a P/E ratio of -3.41 and a beta of 2.72. The business’s 50 day moving average price is $52.17 and its 200-day moving average price is $49.96.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share for the quarter, beating the consensus estimate of ($2.38) by $0.64. The business had revenue of $0.36 million for the quarter, compared to analysts’ expectations of $1.44 million. Praxis Precision Medicines had a negative net margin of 6,987.01% and a negative return on equity of 61.47%. As a group, equities analysts predict that Praxis Precision Medicines will post -8.5 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PRAX. Simplex Trading LLC purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter worth $31,000. Victory Capital Management Inc. grew its position in Praxis Precision Medicines by 25.0% during the 4th quarter. Victory Capital Management Inc. now owns 15,705 shares of the company’s stock valued at $350,000 after purchasing an additional 3,137 shares during the last quarter. DLD Asset Management LP bought a new stake in Praxis Precision Medicines during the 4th quarter valued at about $223,000. Wildcat Capital Management LLC purchased a new position in Praxis Precision Medicines in the fourth quarter worth about $373,000. Finally, PCG Wealth Advisors LLC bought a new position in shares of Praxis Precision Medicines in the first quarter worth approximately $788,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc, 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.