Praxis Precision Medicines’ (PRAX) “Buy” Rating Reiterated at HC Wainwright

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a report released on Thursday,Benzinga reports. They currently have a $120.00 price objective on the stock. HC Wainwright’s price objective indicates a potential upside of 70.99% from the stock’s current price.

PRAX has been the subject of several other reports. Needham & Company LLC restated a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Guggenheim boosted their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Oppenheimer raised their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Finally, Wedbush boosted 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 note on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Praxis Precision Medicines currently has an average 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 $70.18 on Thursday. The company’s 50-day moving average price is $72.65 and its 200-day moving average price is $58.56. Praxis Precision Medicines has a 12-month low of $14.77 and a 12-month high of $86.93. The company has a market cap of $1.31 billion, a price-to-earnings ratio of -6.81 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.01) by ($0.74). The firm had revenue of $0.30 million during the quarter, compared to analysts’ expectations of $0.53 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. During the same quarter in the prior year, the company earned ($2.70) earnings per share. On average, sell-side analysts predict that Praxis Precision Medicines will post -10.26 earnings per share for the current year.

Insider Activity

In other news, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $81.78, for a total value of $424,274.64. Following the transaction, the insider now owns 5,613 shares in the company, valued at approximately $459,031.14. The trade was a 48.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $80.20, for a total value of $660,767.80. Following the sale, the general counsel now owns 10,301 shares of the company’s stock, valued at $826,140.20. This represents a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new stake in Praxis Precision Medicines during the 2nd quarter valued at $2,048,000. Hussman Strategic Advisors Inc. purchased a new stake in shares of Praxis Precision Medicines during the second quarter worth about $869,000. Rhumbline Advisers grew its stake in shares of Praxis Precision Medicines by 14,500.0% in the second quarter. Rhumbline Advisers now owns 22,192 shares of the company’s stock worth $918,000 after purchasing an additional 22,040 shares during the last quarter. TD Asset Management Inc grew its stake in shares of Praxis Precision Medicines by 46.6% in the second quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock worth $2,122,000 after purchasing an additional 16,312 shares during the last quarter. Finally, Ovata Capital Management Ltd increased its holdings in Praxis Precision Medicines by 100.0% during the 2nd quarter. Ovata Capital Management Ltd now owns 40,000 shares of the company’s stock valued at $1,654,000 after purchasing an additional 20,000 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.