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

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

PRAX has been the subject of several other reports. Oppenheimer boosted their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. Wedbush upped their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a "neutral" rating in a report on Wednesday, August 14th. Guggenheim increased their price objective on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a "buy" rating in a research report on Wednesday, August 14th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $151.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $146.33.

Praxis Precision Medicines Price Performance

PRAX traded down $4.13 during mid-day trading on Thursday, hitting $71.00. The stock had a trading volume of 252,498 shares, compared to its average volume of 282,942. The stock's fifty day simple moving average is $72.45 and its 200-day simple moving average is $58.29. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of -6.66 and a beta of 2.67. Praxis Precision Medicines has a 1-year low of $14.77 and a 1-year high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($2.01) by ($0.74). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The business had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.53 million. During the same period in the previous year, the business posted ($2.70) EPS. As a group, research analysts expect that Praxis Precision Medicines will post -10.26 earnings per share for the current fiscal year.

Insider Activity at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 8,239 shares of the company's stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total transaction of $660,767.80. Following the sale, the general counsel now owns 10,301 shares in the company, valued at $826,140.20. This represents a 44.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Lauren Mastrocola sold 5,188 shares of the firm's stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total transaction of $424,274.64. Following the completion of the transaction, the insider now directly owns 5,613 shares of the company's stock, valued at $459,031.14. This represents a 48.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

Institutional Trading of Praxis Precision Medicines

A number of large investors have recently added to or reduced their stakes in the company. Amalgamated Bank acquired a new position in shares of Praxis Precision Medicines during the 2nd quarter worth about $25,000. Quarry LP acquired a new position in Praxis Precision Medicines during the second quarter worth approximately $83,000. US Bancorp DE increased its position in Praxis Precision Medicines by 35.9% during the third quarter. US Bancorp DE now owns 2,289 shares of the company's stock worth $132,000 after buying an additional 605 shares during the last quarter. Intech Investment Management LLC bought a new stake in Praxis Precision Medicines in the third quarter valued at approximately $217,000. Finally, Mesirow Financial Investment Management Inc. acquired a new stake in shares of Praxis Precision Medicines in the third quarter valued at approximately $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.