Praxis Precision Medicines (NASDAQ:PRAX) Rating Reiterated by HC Wainwright

HC Wainwright restated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note released on Tuesday morning, Benzinga reports. HC Wainwright currently has a $120.00 price objective on the stock.

A number of other research firms have also recently weighed in on PRAX. Truist Financial reaffirmed a buy rating and set a $150.00 price target on shares of Praxis Precision Medicines in a report on Thursday, May 16th. Needham & Company LLC reiterated a buy rating and set a $145.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday. Guggenheim increased their price target on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a buy rating in a research note on Wednesday, August 14th. Wedbush lifted 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 note on Wednesday, August 14th. Finally, Oppenheimer reaffirmed an outperform rating and issued a $134.00 price objective on shares of Praxis Precision Medicines in a report on Wednesday, August 14th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Praxis Precision Medicines currently has an average rating of Moderate Buy and a consensus price target of $143.44.

Praxis Precision Medicines Price Performance

Shares of NASDAQ PRAX opened at $59.04 on Tuesday. The firm has a market capitalization of $1.01 billion, a PE ratio of -3.72 and a beta of 2.72. Praxis Precision Medicines has a 1-year low of $13.01 and a 1-year high of $67.21. The business’s fifty day moving average price is $51.92 and its two-hundred day moving average price is $49.81.

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 analysts’ consensus estimates of ($2.38) by $0.64. The business had revenue of $0.36 million for the quarter, compared to analysts’ expectations of $1.44 million. Praxis Precision Medicines had a negative net margin of 6,987.01% and a negative return on equity of 61.47%. Equities research analysts expect that Praxis Precision Medicines will post -8.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds have recently made changes to their positions in the business. Point72 Asset Management L.P. boosted its holdings 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 worth $43,498,000 after buying an additional 97,561 shares in the last quarter. RA Capital Management L.P. acquired a new stake in shares of Praxis Precision Medicines during the 1st quarter valued at $50,548,000. Vanguard Group Inc. boosted its stake in shares of Praxis Precision Medicines by 100.6% during the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after acquiring an additional 373,131 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new position in shares of Praxis Precision Medicines in the 1st quarter worth $32,707,000. Finally, Kingdon Capital Management L.L.C. raised its position in shares of 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 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.