Praxis Precision Medicines (NASDAQ:PRAX) Given Buy Rating at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report sent to investors on Thursday morning,Benzinga reports. HC Wainwright currently has a $120.00 price objective on the stock.

PRAX has been the subject of a number of other reports. Oppenheimer raised their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Wedbush raised their price target on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. Guggenheim raised their price target on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $145.00 price target on shares of Praxis Precision Medicines in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and an average target price of $146.33.

Praxis Precision Medicines Trading Up 0.3 %

PRAX stock traded up $0.25 during trading hours on Thursday, hitting $75.60. 51,137 shares of the stock traded hands, compared to its average volume of 278,559. The stock has a 50-day simple moving average of $64.19 and a 200 day simple moving average of $53.87. Praxis Precision Medicines has a one year low of $13.01 and a one year high of $78.08. The company has a market cap of $1.34 billion, a P/E ratio of -7.35 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.38) by $0.64. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. The business had revenue of $0.36 million during the quarter, compared to analyst estimates of $1.44 million. Analysts forecast that Praxis Precision Medicines will post -8.5 earnings per share for the current year.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRAX. BNP Paribas Financial Markets acquired a new stake in shares of Praxis Precision Medicines during the 1st quarter worth approximately $412,000. SG Americas Securities LLC acquired a new stake in shares of Praxis Precision Medicines during the 1st quarter worth approximately $150,000. Vanguard Group Inc. grew its holdings in shares of Praxis Precision Medicines by 100.6% during the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after purchasing an additional 373,131 shares in the last quarter. Boulder Hill Capital Management LP acquired a new stake in shares of Praxis Precision Medicines during the 1st quarter worth approximately $256,000. Finally, StemPoint Capital LP acquired a new stake in shares of Praxis Precision Medicines during the 1st quarter worth approximately $1,641,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

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.