HC Wainwright Reiterates "Buy" Rating for Praxis Precision Medicines (NASDAQ:PRAX)

HC Wainwright reiterated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX - Free Report) in a report issued on Thursday,Benzinga reports. They currently have a $120.00 target price on the stock.

Several other brokerages have also weighed in on PRAX. Oppenheimer increased 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. Guggenheim raised their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a "buy" rating in a report on Wednesday, August 14th. Wedbush boosted their target price on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a "neutral" rating in a report on Wednesday, August 14th. Finally, Needham & Company LLC restated a "buy" rating and issued a $145.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $146.33.

Praxis Precision Medicines Trading Up 4.2 %

Shares of PRAX traded up $3.03 during trading hours on Thursday, reaching $74.90. The company had a trading volume of 258,494 shares, compared to its average volume of 278,518. The firm has a 50 day simple moving average of $63.74 and a 200-day simple moving average of $53.72. Praxis Precision Medicines has a 12-month low of $13.01 and a 12-month high of $75.87. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -7.12 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its earnings results on Tuesday, August 13th. The company reported ($1.74) EPS for the quarter, beating analysts' consensus estimates of ($2.38) by $0.64. The firm had revenue of $0.36 million for the quarter, compared to analysts' expectations of $1.44 million. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. Sell-side analysts forecast that Praxis Precision Medicines will post -8.5 earnings per share for the current year.

Institutional Trading of Praxis Precision Medicines

Several large investors have recently modified their holdings of the stock. Amalgamated Bank bought a new stake in shares of Praxis Precision Medicines in the 2nd quarter worth approximately $25,000. Quarry LP purchased a new stake in Praxis Precision Medicines during the 2nd quarter worth about $83,000. 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 valued at $132,000 after buying an additional 605 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Praxis Precision Medicines during the first quarter valued at about $150,000. Finally, Mesirow Financial Investment Management Inc. purchased a new stake in shares of Praxis Precision Medicines in the third quarter worth about $231,000. 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.