Needham & Company LLC Reiterates Buy Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Needham & Company LLC restated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report published on Thursday,Benzinga reports. The firm currently has a $151.00 price target on the stock.

Other equities research analysts also recently issued research reports about the stock. HC Wainwright restated a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday. Guggenheim lifted their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Wedbush increased their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 14th. Finally, Oppenheimer lifted their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $146.33.

Praxis Precision Medicines Stock Up 3.4 %

Shares of PRAX stock traded up $2.53 during trading on Thursday, reaching $77.88. The company had a trading volume of 317,650 shares, compared to its average volume of 279,787. The firm’s 50 day simple moving average is $64.19 and its two-hundred day simple moving average is $53.87. Praxis Precision Medicines has a one year low of $13.01 and a one year high of $78.08.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data 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 9,409.22% and a negative return on equity of 63.06%. The business had revenue of $0.36 million during the quarter, compared to analysts’ expectations of $1.44 million. As a group, research analysts predict that Praxis Precision Medicines will post -8.5 EPS for the current year.

Institutional Trading of Praxis Precision Medicines

Hedge funds have recently modified their holdings of the company. Amalgamated Bank bought a new stake in Praxis Precision Medicines during the 2nd quarter worth approximately $25,000. Quarry LP acquired a new position in Praxis Precision Medicines in the second quarter worth $83,000. US Bancorp DE grew its holdings in shares of Praxis Precision Medicines by 35.9% during the third 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 last quarter. SG Americas Securities LLC acquired a new stake in shares of Praxis Precision Medicines in the first quarter valued at $150,000. Finally, Mesirow Financial Investment Management Inc. bought a new position in shares of Praxis Precision Medicines in the third quarter valued at about $231,000. 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.