Needham & Company LLC Reiterates “Buy” Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a report issued on Thursday, Benzinga reports. They presently have a $582.00 price objective on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 106.54% from the stock’s current price.

A number of other research firms also recently issued reports on PRAX. Robert W. Baird set a $514.00 price objective on shares of Praxis Precision Medicines in a report on Friday, August 7th. Wedbush cut their price objective on shares of Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating for the company in a report on Tuesday, June 2nd. Wall Street Zen raised shares of Praxis Precision Medicines from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $374.00 target price (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $462.00 target price (up from $449.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $612.42.

Praxis Precision Medicines Trading Down 0.1%

NASDAQ PRAX traded down $0.33 during trading on Thursday, reaching $281.79. The company’s stock had a trading volume of 535,350 shares, compared to its average volume of 462,927. The firm has a market capitalization of $7.87 billion, a price-to-earnings ratio of -21.79 and a beta of 2.76. Praxis Precision Medicines has a 12 month low of $46.99 and a 12 month high of $392.70. The firm has a 50 day moving average price of $337.62 and a 200 day moving average price of $322.08.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.67) by $0.80. On average, equities analysts forecast that Praxis Precision Medicines will post -13.92 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently made changes to their positions in the company. Swiss National Bank raised its position in shares of Praxis Precision Medicines by 15.3% in the 1st quarter. Swiss National Bank now owns 46,700 shares of the company’s stock valued at $15,046,000 after buying an additional 6,200 shares in the last quarter. Orbimed Advisors LLC increased its position in Praxis Precision Medicines by 82.5% during the 1st quarter. Orbimed Advisors LLC now owns 172,500 shares of the company’s stock worth $55,578,000 after purchasing an additional 78,000 shares in the last quarter. Fifth Third Bancorp acquired a new position in Praxis Precision Medicines during the 1st quarter worth approximately $1,156,000. Geode Capital Management LLC increased its position in Praxis Precision Medicines by 23.1% during the 4th quarter. Geode Capital Management LLC now owns 562,379 shares of the company’s stock worth $165,783,000 after purchasing an additional 105,347 shares in the last quarter. Finally, Handelsbanken Fonder AB acquired a new position in Praxis Precision Medicines during the 2nd quarter worth approximately $3,294,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc (NASDAQ: PRAX) is a biotechnology company focused on developing treatments for central nervous system disorders, including epilepsy, movement disorders and other neurological conditions. The company uses its Precision Genetic Medicine platform, which combines human genetics, functional genomics and neuroscience research to identify disease mechanisms and potential therapeutic targets.

Praxis’ pipeline has included investigational medicines such as ulixacaltamide, a treatment candidate being developed for essential tremor, and elsunersen, an antisense oligonucleotide designed for certain severe genetic epilepsies.