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

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a research note issued on Friday, Benzinga reports. They presently have a $105.00 price objective on the stock. HC Wainwright’s target price indicates a potential upside of 91.61% from the company’s previous close.

PRAX has been the subject of a number of other reports. Jefferies Financial Group raised their target price on Praxis Precision Medicines from $75.00 to $128.00 and gave the company a “buy” rating in a research note on Tuesday, March 26th. Wedbush lifted their price objective on Praxis Precision Medicines from $16.00 to $29.00 and gave the stock a “neutral” rating in a research report on Friday, January 12th.

Praxis Precision Medicines Stock Performance

Shares of NASDAQ:PRAX opened at $54.80 on Friday. Praxis Precision Medicines has a twelve month low of $12.45 and a twelve month high of $67.21. The firm has a market cap of $725.55 million, a PE ratio of -2.32 and a beta of 2.89. The business has a fifty day moving average of $51.97 and a 200-day moving average of $34.63.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.05) by $0.08. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%. The company had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.30 million. On average, analysts anticipate that Praxis Precision Medicines will post -8.64 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRAX. Bank of New York Mellon Corp increased its position in Praxis Precision Medicines by 409.5% in the third quarter. Bank of New York Mellon Corp now owns 75,077 shares of the company’s stock worth $128,000 after purchasing an additional 60,342 shares during the period. CIBC Asset Management Inc boosted its holdings 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 buying an additional 295,425 shares during the last quarter. Jump Financial LLC bought a new position in Praxis Precision Medicines during the third quarter worth about $56,000. Silverarc Capital Management LLC boosted its holdings in Praxis Precision Medicines by 18.5% during the third quarter. Silverarc Capital Management LLC now owns 4,117,920 shares of the company’s stock worth $7,042,000 after buying an additional 641,758 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Praxis Precision Medicines by 45.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock worth $96,000 after buying an additional 17,428 shares during the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.