Praxis Precision Medicines (NASDAQ:PRAX) Research Coverage Started at Needham & Company LLC

Needham & Company LLC began coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report report published on Monday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $145.00 price objective on the stock.

Other research analysts have also recently issued research reports about the company. Jefferies Financial Group boosted their price target on Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a buy rating in a research note on Tuesday, March 26th. HC Wainwright restated a buy rating and issued a $105.00 price target on shares of Praxis Precision Medicines in a research note on Tuesday, May 14th. Robert W. Baird initiated coverage on Praxis Precision Medicines in a research note on Wednesday, May 1st. They issued an outperform rating and a $117.00 price target for the company. Truist Financial restated a buy rating and issued a $150.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, May 16th. Finally, Guggenheim initiated coverage on Praxis Precision Medicines in a research note on Tuesday, June 18th. They issued a buy rating and a $155.00 price target for the company. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $118.43.

Praxis Precision Medicines Trading Down 2.6 %

Praxis Precision Medicines stock opened at $40.61 on Monday. The business’s fifty day simple moving average is $46.49 and its two-hundred day simple moving average is $42.84. Praxis Precision Medicines has a 12 month low of $12.75 and a 12 month high of $67.21. The company has a market capitalization of $694.84 million, a price-to-earnings ratio of -2.63 and a beta of 2.78.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Monday, May 13th. The company reported ($2.84) EPS for the quarter, missing the consensus estimate of ($2.01) by ($0.83). Praxis Precision Medicines had a negative return on equity of 101.99% and a negative net margin of 5,711.85%. The company had revenue of $0.43 million during the quarter, compared to the consensus estimate of $2.75 million. On average, equities research analysts predict that Praxis Precision Medicines will post -10.13 EPS for the current year.

Institutional Trading of Praxis Precision Medicines

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