HC Wainwright Reaffirms Buy Rating for Praxis Precision Medicines (NASDAQ:PRAX)

HC Wainwright reaffirmed their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report released on Thursday,Benzinga reports. HC Wainwright currently has a $120.00 price target on the stock.

Other equities analysts have also recently issued reports about the company. Oppenheimer increased their target price on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Wedbush increased their price objective on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. Guggenheim lifted their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $151.00 target price on shares of Praxis Precision Medicines in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $146.33.

Praxis Precision Medicines Price Performance

Shares of PRAX stock opened at $70.18 on Thursday. Praxis Precision Medicines has a one year low of $14.77 and a one year high of $86.93. The stock has a fifty day moving average price of $72.65 and a 200 day moving average price of $58.65. The stock has a market cap of $1.31 billion, a P/E ratio of -6.81 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.74). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The business had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.53 million. During the same period in the previous year, the business posted ($2.70) earnings per share. Equities research analysts anticipate that Praxis Precision Medicines will post -10.26 EPS for the current year.

Insider Activity at Praxis Precision Medicines

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 5,188 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $81.78, for a total transaction of $424,274.64. Following the transaction, the insider now owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. This represents a 48.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total value of $660,767.80. Following the completion of the sale, the general counsel now directly owns 10,301 shares of the company’s stock, valued at $826,140.20. This trade represents a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by company insiders.

Institutional Trading of Praxis Precision Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRAX. Bank of New York Mellon Corp acquired a new stake in shares of Praxis Precision Medicines during the 2nd quarter worth approximately $2,048,000. Hussman Strategic Advisors Inc. bought a new position in Praxis Precision Medicines in the second quarter valued at approximately $869,000. Rhumbline Advisers grew its holdings in Praxis Precision Medicines by 14,500.0% during the 2nd quarter. Rhumbline Advisers now owns 22,192 shares of the company’s stock worth $918,000 after acquiring an additional 22,040 shares during the period. TD Asset Management Inc raised its position in shares of Praxis Precision Medicines by 46.6% during the 2nd quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock valued at $2,122,000 after acquiring an additional 16,312 shares during the last quarter. Finally, Ovata Capital Management Ltd lifted its stake in shares of Praxis Precision Medicines by 100.0% in the 2nd quarter. Ovata Capital Management Ltd now owns 40,000 shares of the company’s stock valued at $1,654,000 after purchasing an additional 20,000 shares during the period. 67.84% of the stock is owned by institutional investors.

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.