Guggenheim Initiates Coverage on Praxis Precision Medicines (NASDAQ:PRAX)

Guggenheim started coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report released on Tuesday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $155.00 price target on the stock.

PRAX has been the subject of a number of other research reports. Truist Financial reissued a buy rating and set a $150.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, May 16th. HC Wainwright reiterated a buy rating and set a $105.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, May 14th. Robert W. Baird assumed coverage on shares of Praxis Precision Medicines in a report on Wednesday, May 1st. They issued an outperform rating and a $117.00 price target on the stock. Finally, Jefferies Financial Group boosted their price objective on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a buy rating in a research note on Tuesday, March 26th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $114.00.

Praxis Precision Medicines Stock Performance

PRAX opened at $37.69 on Tuesday. Praxis Precision Medicines has a 1 year low of $12.75 and a 1 year high of $67.21. The company’s 50 day simple moving average is $47.29 and its 200 day simple moving average is $42.36. The stock has a market capitalization of $644.80 million, a PE ratio of -2.38 and a beta of 2.79.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Monday, May 13th. The company reported ($2.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.83). Praxis Precision Medicines had a negative net margin of 5,711.85% and a negative return on equity of 101.99%. The company had revenue of $0.43 million during the quarter, compared to analyst estimates of $2.75 million. As a group, sell-side analysts expect that Praxis Precision Medicines will post -10.13 earnings per share for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Several large investors have recently bought and sold shares of the company. Farallon Capital Management LLC purchased a new position in Praxis Precision Medicines in the 1st quarter valued at about $3,051,000. RA Capital Management L.P. acquired a new position in Praxis Precision Medicines in the first quarter worth about $50,548,000. Janus Henderson Group PLC bought a new stake in Praxis Precision Medicines in the first quarter valued at about $18,878,000. Kingdon Capital Management L.L.C. raised its stake in Praxis Precision Medicines by 1.0% during the first quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock valued at $21,357,000 after buying an additional 3,335 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD bought a new position in Praxis Precision Medicines during the 1st quarter worth approximately $32,707,000. 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.