Praxis Precision Medicines (NASDAQ:PRAX) Earns Buy Rating from Analysts at Chardan Capital

Chardan Capital started coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note issued to investors on Wednesday,Benzinga reports. The brokerage set a “buy” rating and a $80.00 price target on the stock. Chardan Capital’s price objective indicates a potential upside of 127.47% from the stock’s current price.

A number of other brokerages also recently issued reports on PRAX. Truist Financial lowered their price target on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. 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. Wedbush boosted their price target on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an “underperform” rating in a report on Monday. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a report on Monday. Finally, Robert W. Baird cut their target price on shares of 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. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Praxis Precision Medicines has an average rating of “Moderate Buy” and a consensus target price of $116.50.

Praxis Precision Medicines Trading Down 9.7 %

Shares of NASDAQ:PRAX opened at $35.17 on Wednesday. Praxis Precision Medicines has a 12-month low of $26.70 and a 12-month high of $91.83. The business has a 50 day moving average of $35.50 and a two-hundred day moving average of $61.55. The company has a market capitalization of $716.38 million, a PE ratio of -3.41 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) EPS for the quarter, missing the consensus estimate 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%. Equities research analysts predict that Praxis Precision Medicines will post -10.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its stake in Praxis Precision Medicines by 7.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,208,522 shares of the company’s stock worth $93,008,000 after buying an additional 88,442 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Praxis Precision Medicines by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company’s stock valued at $81,858,000 after purchasing an additional 24,645 shares during the period. VR Adviser LLC increased its position in Praxis Precision Medicines by 40.2% during the fourth quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock worth $76,189,000 after purchasing an additional 283,854 shares during the last quarter. Janus Henderson Group PLC raised its stake in Praxis Precision Medicines by 77.5% during the fourth quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock worth $71,621,000 after purchasing an additional 405,957 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in Praxis Precision Medicines by 5,437.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after purchasing an additional 548,986 shares during the last quarter. 67.84% of the stock is 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.