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

HC Wainwright restated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report released on Tuesday morning, Benzinga reports. They currently have a $120.00 target price on the stock.

PRAX has been the topic of several other research reports. Piper Sandler reiterated an overweight rating and issued a $270.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, July 1st. Truist Financial reiterated a buy rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, May 16th. Needham & Company LLC reiterated a buy rating and issued a $145.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday. Wedbush upped their price objective on Praxis Precision Medicines from $40.00 to $48.00 and gave the company a neutral rating in a research note on Wednesday, August 14th. Finally, Oppenheimer reiterated an outperform rating and issued a $134.00 price objective on shares of Praxis Precision Medicines in a research note on Wednesday, August 14th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Praxis Precision Medicines currently has an average rating of Moderate Buy and an average target price of $143.44.

Praxis Precision Medicines Stock Performance

Shares of PRAX opened at $54.02 on Tuesday. The stock has a 50 day moving average price of $52.17 and a two-hundred day moving average price of $49.90. The firm has a market capitalization of $924.17 million, a P/E ratio of -3.41 and a beta of 2.72. Praxis Precision Medicines has a 52 week low of $13.01 and a 52 week high of $67.21.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $1.44 million. On average, equities analysts forecast that Praxis Precision Medicines will post -8.5 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several institutional investors have recently made changes to their positions in PRAX. RA Capital Management L.P. bought a new position in Praxis Precision Medicines in the first quarter valued at $50,548,000. Price T Rowe Associates Inc. MD bought a new position in Praxis Precision Medicines in the first quarter valued at $32,707,000. Vanguard Group Inc. boosted its position in Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after buying an additional 373,131 shares during the period. Janus Henderson Group PLC purchased a new stake in Praxis Precision Medicines during the first quarter valued at about $18,878,000. Finally, Marshall Wace LLP boosted its position in Praxis Precision Medicines by 105.2% during the second quarter. Marshall Wace LLP now owns 248,381 shares of the company’s stock valued at $10,273,000 after buying an additional 127,357 shares during the period. Hedge funds and other 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.