Praxis Precision Medicines (NASDAQ:PRAX) Stock Rating Reaffirmed 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. The brokerage currently has a $105.00 target price on the stock.

PRAX has been the subject of several other research reports. Wedbush increased their price objective on Praxis Precision Medicines from $16.00 to $29.00 and gave the company a neutral rating in a report on Friday, January 12th. Truist Financial reissued a buy rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a report on Monday, December 4th.

Praxis Precision Medicines Stock Up 3.1 %

NASDAQ:PRAX opened at $61.02 on Tuesday. Praxis Precision Medicines has a twelve month low of $11.85 and a twelve month high of $67.21. The business has a 50 day moving average price of $47.78 and a two-hundred day moving average price of $30.45. The company has a market cap of $807.90 million, a P/E ratio of -2.58 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Tuesday, March 5th. The company reported ($2.97) EPS for the quarter, beating the consensus estimate of ($3.05) by $0.08. The company had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.30 million. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%. As a group, analysts anticipate that Praxis Precision Medicines will post -8.78 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of large investors have recently added to or reduced their stakes in PRAX. Swiss National Bank raised its stake in Praxis Precision Medicines by 7.9% in the 1st quarter. Swiss National Bank now owns 53,100 shares of the company’s stock valued at $542,000 after acquiring an additional 3,900 shares during the period. JPMorgan Chase & Co. raised its stake in Praxis Precision Medicines by 17.5% in the 1st quarter. JPMorgan Chase & Co. now owns 33,795 shares of the company’s stock valued at $345,000 after acquiring an additional 5,022 shares during the period. Bank of New York Mellon Corp raised its stake in Praxis Precision Medicines by 1.8% in the 1st quarter. Bank of New York Mellon Corp now owns 109,522 shares of the company’s stock valued at $1,118,000 after acquiring an additional 1,940 shares during the period. MetLife Investment Management LLC raised its stake in Praxis Precision Medicines by 48.4% in the 1st quarter. MetLife Investment Management LLC now owns 19,433 shares of the company’s stock valued at $198,000 after acquiring an additional 6,340 shares during the period. Finally, Rhumbline Advisers raised its stake in Praxis Precision Medicines by 9.1% in the 1st quarter. Rhumbline Advisers now owns 41,376 shares of the company’s stock valued at $422,000 after acquiring an additional 3,467 shares during the period. Institutional investors 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.