Praxis Precision Medicines (NASDAQ:PRAX) Receives New Coverage from Analysts at Needham & Company LLC

Investment analysts at Needham & Company LLC initiated coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report issued on Monday, MarketBeat reports. The brokerage set a “buy” rating and a $145.00 price target on the stock. Needham & Company LLC’s price target indicates a potential upside of 247.72% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Guggenheim started coverage on shares of Praxis Precision Medicines in a research report on Tuesday, June 18th. They set a “buy” rating and a $155.00 target price for the company. HC Wainwright reissued a “buy” rating and set a $105.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, May 14th. Truist Financial reissued a “buy” rating and set a $150.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, May 16th. Jefferies Financial Group boosted their price target 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. Finally, Robert W. Baird began coverage on shares of Praxis Precision Medicines in a report on Wednesday, May 1st. They set an “outperform” rating and a $117.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $118.43.

Praxis Precision Medicines Trading Up 4.0 %

PRAX opened at $41.70 on Monday. Praxis Precision Medicines has a 1-year low of $12.75 and a 1-year high of $67.21. The company has a market cap of $713.49 million, a P/E ratio of -2.63 and a beta of 2.78. The company has a fifty day moving average price of $46.49 and a two-hundred day moving average price of $42.84.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results 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 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 the consensus estimate of $2.75 million. On average, research analysts forecast that Praxis Precision Medicines will post -10.13 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Institutional investors have recently modified their holdings of the business. Simplex Trading LLC purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at approximately $31,000. SG Americas Securities LLC bought a new stake in Praxis Precision Medicines during the 1st quarter worth approximately $150,000. Chase Investment Counsel Corp bought a new stake in Praxis Precision Medicines during the 1st quarter worth approximately $229,000. Boulder Hill Capital Management LP bought a new stake in Praxis Precision Medicines during the 1st quarter worth approximately $256,000. Finally, Windmill Hill Asset Management Ltd bought a new stake in Praxis Precision Medicines during the 1st quarter worth approximately $321,000. 67.84% of the stock is currently owned by hedge funds and other 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.