Praxis Precision Medicines (NASDAQ:PRAX) Receives Buy Rating from HC Wainwright

HC Wainwright reissued their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $120.00 price target on the stock.

PRAX has been the topic of a number of other research reports. Oppenheimer reaffirmed an outperform rating and set a $143.00 price objective (up previously from $134.00) on shares of Praxis Precision Medicines in a research report on Wednesday, September 4th. Needham & Company LLC reaffirmed a buy rating and set a $145.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, September 3rd. Piper Sandler reaffirmed an overweight rating and set a $270.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, July 1st. Wedbush increased their target price on Praxis Precision Medicines from $40.00 to $48.00 and gave the company a neutral rating in a report on Wednesday, August 14th. Finally, Truist Financial reissued a buy rating and issued a $150.00 target price on shares of Praxis Precision Medicines in a report on Thursday, May 16th. One equities research 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 stock has an average rating of Moderate Buy and a consensus target price of $143.44.

Praxis Precision Medicines Stock Up 2.0 %

Shares of NASDAQ PRAX opened at $59.88 on Tuesday. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of -3.78 and a beta of 2.72. Praxis Precision Medicines has a 52-week low of $13.01 and a 52-week high of $67.21. The business’s 50 day moving average is $54.05 and its two-hundred day moving average is $50.48.

Praxis Precision Medicines (NASDAQ:PRAX) last posted 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 return on equity of 61.47% and a negative net margin of 6,987.01%. The business had revenue of $0.36 million for the quarter, compared to analyst estimates of $1.44 million. Analysts anticipate that Praxis Precision Medicines will post -8.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several large investors have recently bought and sold shares of PRAX. Simplex Trading LLC acquired a new position in Praxis Precision Medicines in the fourth quarter valued at $31,000. Victory Capital Management Inc. boosted its stake in Praxis Precision Medicines by 25.0% in the fourth quarter. Victory Capital Management Inc. now owns 15,705 shares of the company’s stock valued at $350,000 after acquiring an additional 3,137 shares in the last quarter. DLD Asset Management LP acquired a new position in Praxis Precision Medicines in the fourth quarter valued at $223,000. Wildcat Capital Management LLC acquired a new position in Praxis Precision Medicines in the fourth quarter valued at $373,000. Finally, PCG Wealth Advisors LLC acquired a new position in Praxis Precision Medicines in the first quarter valued at $788,000. Institutional investors and hedge funds 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.