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

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $582.00 target price on the stock. Needham & Company LLC’s target price would indicate a potential upside of 107.97% from the company’s previous close.

A number of other equities analysts have also commented on the stock. Oppenheimer reiterated an “outperform” rating and issued a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Robert W. Baird set a $514.00 price objective on shares of Praxis Precision Medicines in a report on Friday, August 7th. Wells Fargo & Company reiterated a “positive” rating and issued a $362.00 price objective (up from $323.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. HC Wainwright reiterated a “buy” rating and issued a $1,201.00 price objective on shares of Praxis Precision Medicines in a report on Thursday. Finally, BTIG Research reiterated a “buy” rating and issued a $810.00 price objective on shares of Praxis Precision Medicines in a report on Wednesday, July 29th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $612.42.

Praxis Precision Medicines Stock Down 0.7%

Shares of Praxis Precision Medicines stock traded down $1.94 during trading hours on Thursday, hitting $279.85. The company’s stock had a trading volume of 244,841 shares, compared to its average volume of 461,639. Praxis Precision Medicines has a 1-year low of $48.64 and a 1-year high of $392.70. The business has a fifty day moving average of $337.10 and a 200 day moving average of $321.88. The company has a market capitalization of $7.81 billion, a PE ratio of -21.65 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data 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, sell-side analysts anticipate that Praxis Precision Medicines will post -13.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC acquired a new position in Praxis Precision Medicines during the 2nd quarter worth $38,000. Parallel Advisors LLC grew its holdings in Praxis Precision Medicines by 3,000.0% during the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after acquiring an additional 120 shares in the last quarter. GAMMA Investing LLC grew its holdings in Praxis Precision Medicines by 10.3% during the 2nd quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock worth $111,000 after acquiring an additional 31 shares in the last quarter. ABS Direct Equity Fund LLC acquired a new position in Praxis Precision Medicines during the 1st quarter worth $135,000. Finally, Global Retirement Partners LLC acquired a new position in Praxis Precision Medicines during the 4th quarter worth $177,000. 67.84% of the stock is owned by institutional investors and hedge funds.

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.