Praxis Precision Medicines’ (PRAX) Buy Rating Reaffirmed at HC Wainwright

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a report issued on Thursday, Benzinga reports. They currently have a $120.00 target price on the stock. HC Wainwright’s price objective indicates a potential upside of 66.97% from the stock’s previous close.

PRAX has been the topic of a number of other reports. Oppenheimer boosted their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Wedbush boosted their target price on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, August 14th. Needham & Company LLC reissued a “buy” rating and set a $145.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd. Finally, Guggenheim boosted their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $146.33.

Praxis Precision Medicines Trading Down 1.2 %

Shares of Praxis Precision Medicines stock opened at $71.87 on Thursday. The firm has a market capitalization of $1.28 billion, a PE ratio of -7.01 and a beta of 2.67. The firm’s 50 day moving average is $63.33 and its 200 day moving average is $53.59. Praxis Precision Medicines has a 1 year low of $13.01 and a 1 year high of $75.87.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $0.36 million for the quarter, compared to analyst estimates of $1.44 million. As a group, research analysts anticipate that Praxis Precision Medicines will post -8.5 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD acquired a new position in shares of Praxis Precision Medicines during the 1st quarter valued at $32,707,000. Vanguard Group Inc. lifted its position in shares of Praxis Precision Medicines by 100.6% during the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after acquiring an additional 373,131 shares during the period. Renaissance Technologies LLC lifted its position in shares of Praxis Precision Medicines by 523.2% during the 2nd quarter. Renaissance Technologies LLC now owns 75,433 shares of the company’s stock valued at $3,120,000 after acquiring an additional 63,329 shares during the period. TD Asset Management Inc lifted its position in shares of Praxis Precision Medicines by 46.6% during the 2nd quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock valued at $2,122,000 after acquiring an additional 16,312 shares during the period. Finally, Moody Aldrich Partners LLC lifted its position in shares of Praxis Precision Medicines by 29.6% during the 3rd quarter. Moody Aldrich Partners LLC now owns 31,605 shares of the company’s stock valued at $1,819,000 after acquiring an additional 7,224 shares during the period. Institutional investors and hedge funds 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.