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 note published on Friday morning, Benzinga reports. They currently have a $105.00 price objective on the stock.

Several other equities analysts also recently weighed in on PRAX. Wedbush raised their target price on Praxis Precision Medicines from $16.00 to $29.00 and gave the company a neutral rating in a research report on Friday, January 12th. Jefferies Financial Group upped their target price on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a buy rating in a report on Tuesday, March 26th.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock opened at $54.80 on Friday. The company’s fifty day moving average price is $51.97 and its 200 day moving average price is $34.72. Praxis Precision Medicines has a 1 year low of $12.45 and a 1 year high of $67.21.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $0.30 million. On average, sell-side analysts predict that Praxis Precision Medicines will post -8.64 earnings per share for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Several large investors have recently added to or reduced their stakes in the stock. Adage Capital Partners GP L.L.C. boosted its holdings in Praxis Precision Medicines by 10.7% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock valued at $15,014,000 after purchasing an additional 849,362 shares during the last quarter. Silverarc Capital Management LLC grew its position in Praxis Precision Medicines by 18.5% in the third quarter. Silverarc Capital Management LLC now owns 4,117,920 shares of the company’s stock worth $7,042,000 after acquiring an additional 641,758 shares during the period. CIBC Asset Management Inc increased its stake in Praxis Precision Medicines by 19.3% during the third quarter. CIBC Asset Management Inc now owns 1,825,910 shares of the company’s stock worth $3,122,000 after acquiring an additional 295,425 shares during the last quarter. Acuta Capital Partners LLC increased its position in shares of Praxis Precision Medicines by 5.5% during the 3rd quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock worth $7,669,000 after purchasing an additional 235,000 shares during the last quarter. Finally, Citigroup Inc. raised its stake in shares of Praxis Precision Medicines by 44,585.5% in the 3rd quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock valued at $142,000 after acquiring an additional 82,929 shares during the period. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.