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

HC Wainwright reissued their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note released on Tuesday morning, Benzinga reports. HC Wainwright currently has a $120.00 price objective on the stock.

Several other research firms have also issued reports on PRAX. Wedbush lifted their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a neutral rating in a report on Wednesday, August 14th. Guggenheim boosted their target price on 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 note on Thursday, May 16th. Needham & Company LLC reissued a buy rating and issued a $145.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd. Finally, Piper Sandler restated an overweight rating and set a $270.00 price objective on shares of Praxis Precision Medicines in a report on Monday, July 1st. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Praxis Precision Medicines presently has an average rating of Moderate Buy and a consensus target price of $143.44.

Praxis Precision Medicines Price Performance

Shares of NASDAQ PRAX opened at $59.32 on Tuesday. Praxis Precision Medicines has a 1-year low of $13.01 and a 1-year high of $67.21. The business has a fifty day moving average price of $52.93 and a 200 day moving average price of $50.29. The stock has a market capitalization of $1.01 billion, a P/E ratio of -3.74 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 the consensus estimate of ($2.38) by $0.64. Praxis Precision Medicines had a negative net margin of 6,987.01% and a negative return on equity of 61.47%. The business had revenue of $0.36 million during the quarter, compared to analyst estimates of $1.44 million. As a group, equities research analysts anticipate that Praxis Precision Medicines will post -8.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD acquired a new stake in Praxis Precision Medicines during the 1st quarter valued at approximately $32,707,000. Vanguard Group Inc. lifted its position in Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after purchasing an additional 373,131 shares during the period. Janus Henderson Group PLC acquired a new position in Praxis Precision Medicines during the first quarter valued at $18,878,000. Hussman Strategic Advisors Inc. purchased a new stake in Praxis Precision Medicines in the second quarter valued at $869,000. Finally, Wildcat Capital Management LLC acquired a new stake in Praxis Precision Medicines during the 4th quarter worth about $373,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

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.