Praxis Precision Medicines (NASDAQ:PRAX) Given New $85.00 Price Target at Needham & Company LLC

Praxis Precision Medicines (NASDAQ:PRAX) had its target price cut by Needham & Company LLC from $150.00 to $85.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a buy rating on the stock.

PRAX has been the subject of several other reports. HC Wainwright reiterated a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Robert W. Baird decreased their price objective on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a research note on Monday. Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a “buy” rating and a $111.00 price objective for the company. Finally, Truist Financial boosted their price objective on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $123.80.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock opened at $37.85 on Monday. Praxis Precision Medicines has a 1 year low of $30.01 and a 1 year high of $91.83. The firm has a 50 day moving average price of $73.74 and a 200 day moving average price of $69.30. The company has a market cap of $763.17 million, a price-to-earnings ratio of -3.67 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Friday, February 28th. The company reported ($2.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The company had revenue of $7.48 million during the quarter, compared to analysts’ expectations of $0.36 million. Sell-side analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRAX. GF Fund Management CO. LTD. acquired a new stake in Praxis Precision Medicines in the fourth quarter valued at $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Praxis Precision Medicines during the 4th quarter worth $48,000. US Bancorp DE grew its holdings in Praxis Precision Medicines by 35.9% during the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after acquiring an additional 605 shares in the last quarter. Graham Capital Management L.P. acquired a new position in Praxis Precision Medicines during the 4th quarter worth $209,000. Finally, KLP Kapitalforvaltning AS bought a new stake in Praxis Precision Medicines in the fourth quarter valued at about $215,000. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.