Praxis Precision Medicines (NASDAQ:PRAX) Stock Rating Reaffirmed by Oppenheimer

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “outperform” rating reaffirmed by Oppenheimer in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $143.00 target price on the stock, up from their previous target price of $134.00. Oppenheimer’s price objective indicates a potential upside of 142.21% from the stock’s previous close.

Several other brokerages have also recently weighed in on PRAX. Guggenheim increased their price objective on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Truist Financial reiterated a “buy” rating and issued a $150.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, May 16th. Wedbush boosted their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a research report on Wednesday, August 14th. Needham & Company LLC reiterated a “buy” rating and set a $145.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday. Finally, Piper Sandler restated an “overweight” rating and issued a $270.00 price target on shares of Praxis Precision Medicines in a research report on Monday, July 1st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $143.44.

Praxis Precision Medicines Trading Down 2.8 %

NASDAQ:PRAX opened at $59.04 on Wednesday. The company has a market cap of $1.01 billion, a PE ratio of -3.72 and a beta of 2.72. The company has a 50 day simple moving average of $51.92 and a two-hundred day simple moving average of $49.81. Praxis Precision Medicines has a 12 month low of $13.01 and a 12 month high of $67.21.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($1.74) EPS for the quarter, topping the consensus estimate 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 company 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 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds have recently made changes to their positions in the business. Amalgamated Bank bought a new stake in Praxis Precision Medicines during the 2nd quarter valued at approximately $25,000. Simplex Trading LLC bought a new stake in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $31,000. Quarry LP purchased a new position in shares of Praxis Precision Medicines in the second quarter worth $83,000. SG Americas Securities LLC bought a new position in shares of Praxis Precision Medicines during the first quarter worth $150,000. Finally, DLD Asset Management LP purchased a new position in Praxis Precision Medicines during the fourth quarter valued at $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.