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

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $105.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 77.36% from the company’s previous close.

Several other research firms also recently commented on PRAX. Wedbush increased their price objective on shares of Praxis Precision Medicines from $16.00 to $29.00 and gave the company a “neutral” rating in a report 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 report on Monday, December 4th.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock opened at $59.20 on Tuesday. The company has a market capitalization of $783.69 million, a P/E ratio of -2.50 and a beta of 2.85. The company has a fifty day moving average of $46.87 and a 200 day moving average of $29.94. Praxis Precision Medicines has a fifty-two week low of $11.85 and a fifty-two week high of $67.21.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Simplex Trading LLC bought a new position in shares of Praxis Precision Medicines in the 4th quarter valued at about $31,000. Bank of New York Mellon Corp lifted 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 acquiring an additional 1,940 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Praxis Precision Medicines by 25.0% in the 4th quarter. Victory Capital Management Inc. now owns 15,705 shares of the company’s stock valued at $350,000 after acquiring an additional 3,137 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Praxis Precision Medicines by 1.0% in the 1st quarter. Northern Trust Corp now owns 317,611 shares of the company’s stock valued at $3,243,000 after acquiring an additional 3,291 shares during the last quarter. Finally, Rhumbline Advisers lifted 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 acquiring an additional 3,467 shares during the last quarter. 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.