Praxis Precision Medicines’ (PRAX) Buy Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report sent to investors on Tuesday, Benzinga reports. HC Wainwright currently has a $105.00 price target on the stock.

A number of other research analysts have also recently weighed in on PRAX. Wedbush raised their price objective on shares of Praxis Precision Medicines from $16.00 to $29.00 and gave the stock a neutral rating in a research note on Friday, January 12th. Truist Financial reissued a buy rating and set a $150.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, December 4th.

Praxis Precision Medicines Trading Down 4.8 %

Shares of Praxis Precision Medicines stock opened at $59.20 on Tuesday. Praxis Precision Medicines has a 12-month low of $11.85 and a 12-month high of $67.21. The stock has a market cap of $783.69 million, a PE ratio of -2.50 and a beta of 2.85. The company has a 50-day moving average of $46.87 and a two-hundred day moving average of $29.94.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Tuesday, March 5th. The company reported ($2.97) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.05) by $0.08. Praxis Precision Medicines had a negative net margin of 5,037.88% and a negative return on equity of 151.02%. The business had revenue of $0.52 million during the quarter, compared to analysts’ expectations of $0.30 million. On average, sell-side analysts forecast that Praxis Precision Medicines will post -8.78 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds have recently bought and sold shares of PRAX. Swiss National Bank boosted its position in Praxis Precision Medicines by 7.9% during the first quarter. Swiss National Bank now owns 53,100 shares of the company’s stock worth $542,000 after acquiring an additional 3,900 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Praxis Precision Medicines by 17.5% in the 1st quarter. JPMorgan Chase & Co. now owns 33,795 shares of the company’s stock valued at $345,000 after purchasing an additional 5,022 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Praxis Precision Medicines by 1.8% in the 1st quarter. Bank of New York Mellon Corp now owns 109,522 shares of the company’s stock valued at $1,118,000 after purchasing an additional 1,940 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in shares of Praxis Precision Medicines by 48.4% in the 1st quarter. MetLife Investment Management LLC now owns 19,433 shares of the company’s stock valued at $198,000 after purchasing an additional 6,340 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of Praxis Precision Medicines by 9.1% in the 1st quarter. Rhumbline Advisers now owns 41,376 shares of the company’s stock valued at $422,000 after purchasing an additional 3,467 shares during the last quarter. Institutional investors and hedge funds 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.