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

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

Several other research firms also recently weighed in on PRAX. Needham & Company LLC restated a “buy” rating and set a $145.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd. Oppenheimer upped their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Wedbush upped their target price 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. Finally, Guggenheim upped their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $146.33.

Praxis Precision Medicines Trading Down 1.2 %

PRAX opened at $71.87 on Thursday. The company’s fifty day moving average price is $63.33 and its two-hundred day moving average price is $53.59. Praxis Precision Medicines has a 1-year low of $13.01 and a 1-year high of $75.87. The company has a market cap of $1.28 billion, a price-to-earnings ratio of -7.01 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($1.74) earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $1.44 million. As a group, equities analysts forecast that Praxis Precision Medicines will post -8.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. grew its position in Praxis Precision Medicines by 10.2% during the second 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 during the period. 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. boosted its position in Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after purchasing an additional 373,131 shares during the period. Price T Rowe Associates Inc. MD bought a new position in Praxis Precision Medicines during the first quarter worth about $32,707,000. Finally, Kingdon Capital Management L.L.C. boosted its position in Praxis Precision Medicines by 1.0% during the first quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock worth $21,357,000 after purchasing an additional 3,335 shares during the period. Institutional investors 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.