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

Needham & Company LLC reiterated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX - Free Report) in a report published on Thursday,Benzinga reports. They currently have a $151.00 price target on the stock.

Other equities research analysts have also recently issued reports about the stock. HC Wainwright reiterated a "buy" rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research report on Thursday. Guggenheim upped their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a "buy" rating in a research note on Wednesday, August 14th. Oppenheimer boosted their target price 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. Finally, Wedbush raised their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 14th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $146.33.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX traded up $3.03 during trading hours on Thursday, hitting $74.90. 258,494 shares of the company's stock traded hands, compared to its average volume of 278,518. Praxis Precision Medicines has a 1 year low of $13.01 and a 1 year high of $75.87. The business has a fifty day moving average price of $63.74 and a 200-day moving average price of $53.72. The firm has a market capitalization of $1.33 billion, a P/E ratio of -7.12 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $1.44 million. As a group, equities analysts predict that Praxis Precision Medicines will post -8.5 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. CIBC Asset Management Inc increased its position in Praxis Precision Medicines by 29.2% during the third quarter. CIBC Asset Management Inc now owns 248,939 shares of the company's stock worth $14,324,000 after acquiring an additional 56,272 shares during the period. Mesirow Financial Investment Management Inc. bought a new position in Praxis Precision Medicines during the 3rd quarter worth approximately $231,000. US Bancorp DE grew its holdings in Praxis Precision Medicines by 35.9% during the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company's stock worth $132,000 after acquiring an additional 605 shares during the period. Moody Aldrich Partners LLC increased its holdings in Praxis Precision Medicines by 29.6% in the third quarter. Moody Aldrich Partners LLC now owns 31,605 shares of the company's stock worth $1,819,000 after purchasing an additional 7,224 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of Praxis Precision Medicines during the 3rd quarter worth about $297,000. 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.