HC Wainwright Reaffirms “Buy” Rating for Praxis Precision Medicines (NASDAQ:PRAX)

HC Wainwright reissued their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note issued to investors on Friday morning, Benzinga reports. HC Wainwright currently has a $105.00 price objective on the stock.

Other analysts also recently issued reports about the company. Wedbush raised their target price on Praxis Precision Medicines from $16.00 to $29.00 and gave the stock a neutral rating in a research note on Friday, January 12th. Jefferies Financial Group increased their price target on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the company a buy rating in a research note on Tuesday, March 26th.

Praxis Precision Medicines Stock Performance

Shares of PRAX opened at $56.86 on Friday. The stock has a 50 day moving average price of $52.28 and a 200 day moving average price of $34.97. Praxis Precision Medicines has a one year low of $12.45 and a one year high of $67.21. The stock has a market capitalization of $752.83 million, a price-to-earnings ratio of -2.40 and a beta of 2.89.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.05) by $0.08. The business had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.30 million. Praxis Precision Medicines had a negative net margin of 5,037.88% and a negative return on equity of 151.02%. On average, analysts predict that Praxis Precision Medicines will post -8.64 earnings per share for the current year.

Institutional Trading of Praxis Precision Medicines

Several institutional investors and hedge funds have recently bought and sold shares of PRAX. Simplex Trading LLC purchased a new position in Praxis Precision Medicines during the fourth quarter worth about $31,000. Windmill Hill Asset Management Ltd purchased a new position in shares of Praxis Precision Medicines during the 1st quarter worth approximately $321,000. DLD Asset Management LP acquired a new stake in Praxis Precision Medicines in the 4th quarter valued at approximately $223,000. PCG Wealth Advisors LLC purchased a new stake in Praxis Precision Medicines in the first quarter valued at approximately $788,000. Finally, Victory Capital Management Inc. lifted its stake in Praxis Precision Medicines by 25.0% during the fourth quarter. Victory Capital Management Inc. now owns 15,705 shares of the company’s stock worth $350,000 after purchasing an additional 3,137 shares in the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.