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

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “overweight” rating restated by analysts at Piper Sandler in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $270.00 price objective on the stock.

PRAX has been the topic of several other research reports. Robert W. Baird started coverage on Praxis Precision Medicines in a research report on Wednesday, May 1st. They issued an “outperform” rating and a $117.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, May 14th. Jefferies Financial Group upped their price objective on Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a “buy” rating in a research report on Tuesday, March 26th. Guggenheim began coverage on Praxis Precision Medicines in a research report on Tuesday, June 18th. They issued a “buy” rating and a $155.00 price objective on the stock. Finally, Truist Financial reiterated a “buy” rating and set a $150.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, May 16th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $137.38.

Praxis Precision Medicines Price Performance

NASDAQ:PRAX traded down $0.30 during midday trading on Monday, hitting $41.06. The company’s stock had a trading volume of 19,860 shares, compared to its average volume of 280,903. Praxis Precision Medicines has a fifty-two week low of $12.75 and a fifty-two week high of $67.21. The firm’s 50 day moving average is $45.50 and its 200-day moving average is $43.64. The firm has a market cap of $702.54 million, a P/E ratio of -2.59 and a beta of 2.75.

Praxis Precision Medicines (NASDAQ:PRAX) last issued 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 return on equity of 101.99% and a negative net margin of 5,711.85%. The business had revenue of $0.43 million during the quarter, compared to analyst estimates of $2.75 million. As a group, analysts forecast that Praxis Precision Medicines will post -10.13 EPS for the current year.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Farallon Capital Management LLC acquired a new stake in shares of Praxis Precision Medicines during the 1st quarter worth about $3,051,000. RA Capital Management L.P. acquired a new position in Praxis Precision Medicines in the 1st quarter valued at about $50,548,000. Janus Henderson Group PLC acquired a new position in Praxis Precision Medicines in the 1st quarter valued at about $18,878,000. Kingdon Capital Management L.L.C. grew its position in Praxis Precision Medicines by 1.0% in the 1st quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock valued at $21,357,000 after acquiring an additional 3,335 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD acquired a new position in Praxis Precision Medicines in the 1st quarter valued at about $32,707,000. 67.84% of the stock is 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.