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

HC Wainwright reissued their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note released on Thursday,Benzinga reports. HC Wainwright currently has a $1,201.00 price target on the stock.

Other equities analysts have also recently issued research reports about the company. BTIG Research upped their price target on Praxis Precision Medicines from $810.00 to $826.00 and gave the stock a “buy” rating in a report on Tuesday, October 6th. Needham & Company LLC reiterated a “buy” rating and set a $582.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, September 24th. UBS Group began coverage on Praxis Precision Medicines in a report on Wednesday. They issued a “buy” rating and a $706.00 price objective on the stock. Robert W. Baird set a $514.00 price objective on Praxis Precision Medicines in a research report on Friday, August 7th. Finally, Wells Fargo & Company restated a “positive” rating and issued a $362.00 price objective (up from $323.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $630.42.

Praxis Precision Medicines Stock Performance

PRAX opened at $241.76 on Thursday. The company has a fifty day moving average of $321.69 and a two-hundred day moving average of $318.31. The stock has a market capitalization of $6.75 billion, a price-to-earnings ratio of -18.70 and a beta of 2.79. Praxis Precision Medicines has a fifty-two week low of $154.45 and a fifty-two week high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.67) by $0.80. On average, equities research analysts forecast that Praxis Precision Medicines will post -13.90 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PRAX. Janus Henderson Group PLC grew its holdings in shares of Praxis Precision Medicines by 6.8% during the first quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock worth $1,113,514,000 after buying an additional 218,777 shares in the last quarter. Perceptive Advisors LLC raised its position in shares of Praxis Precision Medicines by 2.0% in the first quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock valued at $655,974,000 after buying an additional 40,000 shares during the last quarter. Baker BROS. Advisors LP lifted its stake in shares of Praxis Precision Medicines by 63.4% in the fourth quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock worth $332,021,000 after buying an additional 437,000 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Praxis Precision Medicines by 2.3% in the first quarter. Bank of America Corp DE now owns 534,604 shares of the company’s stock worth $172,244,000 after buying an additional 11,841 shares in the last quarter. Finally, Vivo Capital LLC lifted its stake in shares of Praxis Precision Medicines by 3.0% in the first quarter. Vivo Capital LLC now owns 338,895 shares of the company’s stock worth $109,189,000 after buying an additional 10,000 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Praxis Precision Medicines

Here are the key news stories impacting Praxis Precision Medicines this week:

• Positive Sentiment: JPMorgan initiated coverage with an Overweight rating and a $700 price target, implying substantial upside from the reference price and providing a strong endorsement of Praxis’s prospects. JPMorgan Initiates Praxis Precision Medicines at Overweight With $700 Price Target
• Positive Sentiment: UBS initiated coverage with a Buy rating, adding another major-bank endorsement and potentially improving institutional awareness of PRAX. UBS Initiates Coverage of Praxis Precision Medicines With Buy
• Positive Sentiment: HC Wainwright reaffirmed its Buy rating, signaling that the firm continues to view Praxis favorably. HC Wainwright Reaffirms Buy Rating for Praxis Precision Medicines
• Positive Sentiment: Analyst coverage remains favorable overall, with PRAX reported to have a consensus price target of $610.95, substantially above the reference price. Praxis Precision Medicines Stock Has Consensus Price Target of $610.95
• Neutral Sentiment: Praxis received another new rating from a top analyst, adding to the expanding sell-side coverage, though the available report does not specify the rating or price target. Praxis Precision Medicines Receives a New Rating From a Top Analyst
• Negative Sentiment: Wall Street Zen cut PRAX to “Sell,” creating a notable bearish counterpoint to the major-bank upgrades and potentially weighing on sentiment among short-term investors. Praxis Precision Medicines Stock Rating Cut to Sell at Wall Street Zen

About Praxis Precision Medicines

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for central nervous system disorders. The company uses insights from human genetics, neuroscience and its Cerebrum™ platform to identify and advance medicines for conditions in which existing treatment options may be limited.

Praxis’ pipeline has included investigational treatments for epilepsies and other neurological disorders, including developmental and epileptic encephalopathies, essential tremor and movement-related conditions.