Oppenheimer Reaffirms Outperform Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Oppenheimer reiterated their outperform rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note released on Wednesday morning, Benzinga reports. Oppenheimer currently has a $143.00 price objective on the stock, up from their prior price objective of $134.00.

Other analysts have also issued research reports about the stock. Piper Sandler restated an overweight rating and issued a $270.00 price target on shares of Praxis Precision Medicines in a research note on Monday, July 1st. HC Wainwright reissued a buy rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday. Guggenheim increased their price target on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a buy rating in a research report on Wednesday, August 14th. Truist Financial reissued a buy rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, May 16th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $145.00 target price on shares of Praxis Precision Medicines in a report on Tuesday. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average price target of $143.44.

Praxis Precision Medicines Price Performance

NASDAQ:PRAX opened at $54.02 on Wednesday. The firm has a 50-day moving average of $52.17 and a two-hundred day moving average of $49.90. The stock has a market cap of $924.17 million, a P/E ratio of -3.41 and a beta of 2.72. Praxis Precision Medicines has a 1-year low of $13.01 and a 1-year high of $67.21.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($1.74) EPS 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 firm had revenue of $0.36 million during the quarter, compared to the consensus estimate of $1.44 million. As a group, equities analysts expect that Praxis Precision Medicines will post -8.5 earnings per share for the current year.

Institutional Trading of Praxis Precision Medicines

Several hedge funds have recently made changes to their positions in PRAX. Simplex Trading LLC bought a new stake in Praxis Precision Medicines in the fourth quarter valued at $31,000. Victory Capital Management Inc. lifted its position in Praxis Precision Medicines by 25.0% in the 4th quarter. Victory Capital Management Inc. now owns 15,705 shares of the company’s stock valued at $350,000 after purchasing an additional 3,137 shares during the last quarter. DLD Asset Management LP acquired a new position in Praxis Precision Medicines during the 4th quarter valued at about $223,000. Wildcat Capital Management LLC bought a new position in Praxis Precision Medicines in the 4th quarter worth about $373,000. Finally, PCG Wealth Advisors LLC acquired a new stake in shares of Praxis Precision Medicines in the first quarter valued at approximately $788,000. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

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.