Praxis Precision Medicines (NASDAQ:PRAX) Given Overweight Rating at Piper Sandler

Piper Sandler restated their overweight rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report released on Monday, Benzinga reports. Piper Sandler currently has a $270.00 price objective on the stock.

Other analysts also recently issued reports about the stock. Jefferies Financial Group raised their target price on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a buy rating in a report on Tuesday, March 26th. Truist Financial restated a buy rating and set a $150.00 target price on shares of Praxis Precision Medicines in a report on Thursday, May 16th. Needham & Company LLC started coverage on shares of Praxis Precision Medicines in a report on Monday, June 24th. They set a buy rating and a $145.00 target price on the stock. Guggenheim started coverage on shares of Praxis Precision Medicines in a report on Tuesday, June 18th. They set a buy rating and a $155.00 target price on the stock. Finally, HC Wainwright restated a buy rating and set a $105.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, May 14th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $137.38.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock opened at $41.19 on Monday. The company’s 50 day simple moving average is $45.37 and its 200 day simple moving average is $43.82. Praxis Precision Medicines has a fifty-two week low of $12.75 and a fifty-two week high of $67.21. The firm has a market capitalization of $704.76 million, a price-to-earnings ratio of -2.60 and a beta of 2.75.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Monday, May 13th. The company reported ($2.84) earnings per share 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 firm had revenue of $0.43 million for the quarter, compared to the consensus estimate of $2.75 million. As a group, analysts predict that Praxis Precision Medicines will post -10.13 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Simplex Trading LLC acquired a new position in Praxis Precision Medicines during the fourth quarter worth $31,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Praxis Precision Medicines by 45.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock worth $96,000 after buying an additional 17,428 shares during the last quarter. Citigroup Inc. increased its holdings in Praxis Precision Medicines by 44,585.5% during the third quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock worth $142,000 after buying an additional 82,929 shares during the last quarter. SG Americas Securities LLC acquired a new position in Praxis Precision Medicines during the first quarter worth $150,000. Finally, DLD Asset Management LP acquired a new position in Praxis Precision Medicines during the fourth quarter worth $223,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.