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

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a note issued to investors on Tuesday, Benzinga reports. They currently have a $120.00 price target on the stock. HC Wainwright’s price target would indicate a potential upside of 97.66% from the company’s current price.

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

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock opened at $60.71 on Tuesday. Praxis Precision Medicines has a 52 week low of $13.01 and a 52 week high of $67.21. The stock has a 50 day moving average price of $51.53 and a two-hundred day moving average price of $49.75. The stock has a market capitalization of $1.08 billion, a PE ratio of -3.83 and a beta of 2.73.

Praxis Precision Medicines (NASDAQ:PRAX) last released 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 business had revenue of $0.36 million during the quarter, compared to analyst estimates of $1.44 million. Research analysts forecast that Praxis Precision Medicines will post -8.5 EPS for the current year.

Institutional Trading of Praxis Precision Medicines

Large investors have recently added to or reduced their stakes in the company. Amalgamated Bank bought a new stake in Praxis Precision Medicines in the second quarter worth $25,000. Simplex Trading LLC bought a new position in shares of Praxis Precision Medicines during the 4th quarter worth approximately $31,000. Quarry LP purchased a new stake in shares of Praxis Precision Medicines during the 2nd quarter valued at $83,000. SG Americas Securities LLC purchased a new stake in Praxis Precision Medicines in the first quarter valued at about $150,000. Finally, DLD Asset Management LP purchased a new position in shares of Praxis Precision Medicines in the 4th quarter valued at approximately $223,000. 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.