Praxis Precision Medicines’ (PRAX) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report released on Thursday morning,Benzinga reports. HC Wainwright currently has a $105.00 price target on the stock.

A number of other research analysts have also commented on PRAX. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price target on the stock. Truist Financial lowered their target price on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Robert W. Baird reduced their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Needham & Company LLC reiterated a “buy” rating and set a $85.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, April 8th. Finally, Wedbush cut shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $123.33.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock opened at $40.24 on Thursday. The stock has a 50-day simple moving average of $36.68 and a 200 day simple moving average of $62.07. The stock has a market capitalization of $811.36 million, a P/E ratio of -3.91 and a beta of 2.66. Praxis Precision Medicines has a 52 week low of $26.70 and a 52 week high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($3.20) by ($0.09). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. Research analysts forecast that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently bought and sold shares of the company. GF Fund Management CO. LTD. acquired a new position in shares of Praxis Precision Medicines in the 4th quarter valued at approximately $30,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Praxis Precision Medicines in the fourth quarter valued at approximately $48,000. Graham Capital Management L.P. acquired a new position in Praxis Precision Medicines during the fourth quarter valued at approximately $209,000. KLP Kapitalforvaltning AS acquired a new position in Praxis Precision Medicines during the fourth quarter valued at approximately $215,000. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Praxis Precision Medicines in the 4th quarter valued at $231,000. 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.