Oppenheimer Issues Positive Forecast for Praxis Precision Medicines (NASDAQ:PRAX) Stock Price

Praxis Precision Medicines (NASDAQ:PRAX) had its target price increased by Oppenheimer from $143.00 to $163.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have an outperform rating on the stock.

Several other research firms have also weighed in on PRAX. Wedbush raised their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a research report on Wednesday, August 14th. 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. Guggenheim lifted their target price on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $145.67.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock traded up $0.70 during midday trading on Thursday, reaching $70.69. 32,432 shares of the company were exchanged, compared to its average volume of 273,126. Praxis Precision Medicines has a 12 month low of $13.01 and a 12 month high of $75.73. The company has a market cap of $1.26 billion, a P/E ratio of -6.95 and a beta of 2.73. The company’s 50 day moving average price is $62.22 and its two-hundred day moving average price is $53.12.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.38) by $0.64. The company had revenue of $0.36 million for the quarter, compared to analysts’ expectations of $1.44 million. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. As a group, sell-side analysts predict that Praxis Precision Medicines will post -8.5 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. grew its stake in shares of Praxis Precision Medicines by 10.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock valued at $43,498,000 after buying an additional 97,561 shares in the last quarter. RA Capital Management L.P. bought a new position in Praxis Precision Medicines during the first quarter valued at about $50,548,000. Vanguard Group Inc. raised its holdings in Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after buying an additional 373,131 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in Praxis Precision Medicines in the 1st quarter worth approximately $32,707,000. Finally, Kingdon Capital Management L.L.C. lifted its stake in shares of Praxis Precision Medicines by 1.0% in the first quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock worth $21,357,000 after buying an additional 3,335 shares during the last quarter. 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.