Praxis Precision Medicines’ (PRAX) Buy Rating Reiterated at Needham & Company LLC

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a report issued on Thursday, Benzinga reports. They presently have a $582.00 target price on the stock. Needham & Company LLC’s price objective indicates a potential upside of 107.28% from the stock’s current price.

PRAX has been the subject of several other reports. Piper Sandler reiterated an “overweight” rating on shares of Praxis Precision Medicines in a research note on Monday, July 13th. Robert W. Baird set a $514.00 price objective on Praxis Precision Medicines in a research note on Friday, August 7th. Wedbush decreased their price objective on shares of Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating on the stock in a research note on Tuesday, June 2nd. BTIG Research reaffirmed a “buy” rating and set a $810.00 price objective on shares of Praxis Precision Medicines in a research note on Wednesday, July 29th. Finally, Wall Street Zen raised shares of Praxis Precision Medicines from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Three research 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $612.42.

Praxis Precision Medicines Stock Down 0.4%

PRAX traded down $1.01 during midday trading on Thursday, reaching $280.78. 462,217 shares of the company’s stock were exchanged, compared to its average volume of 462,923. The firm has a market capitalization of $7.84 billion, a price-to-earnings ratio of -21.72 and a beta of 2.76. Praxis Precision Medicines has a one year low of $48.64 and a one year high of $392.70. The business has a 50-day simple moving average of $337.10 and a two-hundred day simple moving average of $321.88.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, topping analysts’ consensus estimates of ($3.67) by $0.80. As a group, research analysts anticipate that Praxis Precision Medicines will post -13.92 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently bought and sold shares of the business. Integrated Wealth Concepts LLC acquired a new position in Praxis Precision Medicines in the second quarter worth $38,000. Parallel Advisors LLC raised its stake in shares of Praxis Precision Medicines by 3,000.0% in the first quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after acquiring an additional 120 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Praxis Precision Medicines by 10.3% in the second quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock worth $111,000 after acquiring an additional 31 shares during the last quarter. ABS Direct Equity Fund LLC bought a new position in shares of Praxis Precision Medicines in the first quarter worth about $135,000. Finally, Global Retirement Partners LLC bought a new position in shares of Praxis Precision Medicines in the fourth quarter worth about $177,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

About Praxis Precision Medicines

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.