Praxis Precision Medicines (NASDAQ:PRAX) Given New $163.00 Price Target at Oppenheimer

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective upped by Oppenheimer from $143.00 to $163.00 in a research note issued to investors on Thursday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

Several other research firms have also recently commented on PRAX. Wedbush boosted their price target on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. Guggenheim upped their target price on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, September 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $145.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $145.67.

Praxis Precision Medicines Price Performance

NASDAQ PRAX traded up $0.70 on Thursday, reaching $70.69. The company had a trading volume of 32,432 shares, compared to its average volume of 273,126. Praxis Precision Medicines has a 1 year low of $13.01 and a 1 year high of $75.73. The firm has a 50-day moving average of $62.22 and a 200-day moving average of $53.12. The firm has a market capitalization of $1.26 billion, a PE ratio of -6.95 and a beta of 2.73.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its 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. Praxis Precision Medicines had a negative net margin of 6,987.01% and a negative return on equity of 61.47%. The business had revenue of $0.36 million during the quarter, compared to the consensus estimate of $1.44 million. As a group, sell-side analysts expect that Praxis Precision Medicines will post -8.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of large investors have recently bought and sold shares of PRAX. US Bancorp DE raised its position in shares of Praxis Precision Medicines by 35.9% during the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after purchasing an additional 605 shares during the period. Moody Aldrich Partners LLC grew its stake in Praxis Precision Medicines by 29.6% during the 3rd quarter. Moody Aldrich Partners LLC now owns 31,605 shares of the company’s stock worth $1,819,000 after buying an additional 7,224 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Praxis Precision Medicines in the third quarter worth $297,000. Quarry LP acquired a new stake in Praxis Precision Medicines in the second quarter worth $83,000. Finally, The Manufacturers Life Insurance Company lifted its stake in Praxis Precision Medicines by 77.7% in the second quarter. The Manufacturers Life Insurance Company now owns 35,308 shares of the company’s stock valued at $1,460,000 after buying an additional 15,443 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

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.