Praxis Precision Medicines (NASDAQ:PRAX) Earns "Buy" Rating from Needham & Company LLC

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating restated by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $150.00 price objective on the stock. Needham & Company LLC's price target would indicate a potential upside of 73.09% from the stock's previous close.

A number of other analysts have also recently commented on PRAX. Oppenheimer lifted their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an "outperform" rating in a research report on Thursday, October 31st. Truist Financial lifted their price target on Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a "buy" rating in a research report on Tuesday, January 21st. Finally, HC Wainwright reaffirmed a "buy" rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of "Moderate Buy" and a consensus target price of $145.20.

Praxis Precision Medicines Price Performance

PRAX traded up $1.26 on Monday, reaching $86.66. 415,043 shares of the stock were exchanged, compared to its average volume of 363,281. The company's 50-day moving average price is $75.96 and its 200 day moving average price is $68.15. Praxis Precision Medicines has a fifty-two week low of $33.01 and a fifty-two week high of $90.33. The firm has a market capitalization of $1.62 billion, a PE ratio of -8.41 and a beta of 2.65.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors have recently modified their holdings of the stock. Jump Financial LLC purchased a new position in shares of Praxis Precision Medicines during the 4th quarter valued at about $861,000. Walleye Capital LLC increased its stake in shares of Praxis Precision Medicines by 61.1% in the 4th quarter. Walleye Capital LLC now owns 89,613 shares of the company's stock valued at $6,897,000 after purchasing an additional 34,000 shares in the last quarter. Envestnet Asset Management Inc. purchased a new position in shares of Praxis Precision Medicines in the 4th quarter valued at about $231,000. Wells Fargo & Company MN increased its stake in shares of Praxis Precision Medicines by 46.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,612 shares of the company's stock valued at $663,000 after purchasing an additional 2,746 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Praxis Precision Medicines by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 406,711 shares of the company's stock valued at $31,308,000 after purchasing an additional 7,873 shares in the last quarter. Hedge funds and other institutional investors 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.