Praxis Precision Medicines (NASDAQ:PRAX) Receives Buy Rating from Needham & Company LLC

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research note issued on Tuesday,Benzinga reports. They presently have a $85.00 price target on the stock. Needham & Company LLC’s price target would suggest a potential upside of 169.58% from the company’s current price.

A number of other equities analysts have also commented on the stock. HC Wainwright cut their price objective on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Robert W. Baird cut their price target on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Wedbush cut shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a report on Friday, February 28th. Truist Financial dropped their price objective on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a “buy” rating and a $111.00 target price for the company. One research analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and an average target price of $123.33.

Praxis Precision Medicines Stock Down 3.4 %

NASDAQ PRAX opened at $31.53 on Tuesday. The company’s 50 day moving average is $56.58 and its 200-day moving average is $66.38. The firm has a market cap of $635.74 million, a P/E ratio of -3.06 and a beta of 2.66. Praxis Precision Medicines has a 12-month low of $30.00 and a 12-month high of $91.83.

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

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Assenagon Asset Management S.A. lifted its position in Praxis Precision Medicines by 5,437.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock worth $43,027,000 after buying an additional 548,986 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Praxis Precision Medicines by 77.5% in the fourth quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock valued at $71,621,000 after acquiring an additional 405,957 shares during the period. VR Adviser LLC increased its holdings in Praxis Precision Medicines by 40.2% during the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock valued at $76,189,000 after purchasing an additional 283,854 shares during the period. Alyeska Investment Group L.P. bought a new position in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $17,454,000. Finally, Franklin Resources Inc. raised its holdings in Praxis Precision Medicines by 85.6% in the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock worth $25,619,000 after purchasing an additional 205,335 shares in the last quarter. 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.