Praxis Precision Medicines (NASDAQ:PRAX) Given New $28.00 Price Target at Wedbush

Praxis Precision Medicines (NASDAQ:PRAX) had its price target increased by Wedbush from $26.00 to $28.00 in a research report sent to investors on Monday,Benzinga reports. Wedbush currently has an underperform rating on the stock.

PRAX has been the subject of a number of other reports. HC Wainwright reiterated a “buy” rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, May 1st. Deutsche Bank Aktiengesellschaft began coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a “buy” rating and a $111.00 target price for the company. Robert W. Baird cut their price target on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Needham & Company LLC restated a “buy” rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a report on Monday. Finally, Truist Financial cut their target price on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $120.56.

Praxis Precision Medicines Trading Down 3.2 %

PRAX opened at $38.96 on Monday. Praxis Precision Medicines has a 1-year low of $26.70 and a 1-year high of $91.83. The stock has a market capitalization of $793.58 million, a PE ratio of -3.78 and a beta of 2.65. The firm has a 50-day moving average price of $36.09 and a two-hundred day moving average price of $61.74.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($3.20) by ($0.09). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. On average, research analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Large investors have recently bought and sold shares of the company. Barclays PLC lifted its position in shares of Praxis Precision Medicines by 126.8% in the third quarter. Barclays PLC now owns 37,130 shares of the company’s stock worth $2,136,000 after purchasing an additional 20,759 shares in the last quarter. Franklin Resources Inc. lifted its position in Praxis Precision Medicines by 85.6% during the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock worth $25,619,000 after buying an additional 205,335 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Praxis Precision Medicines by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company’s stock valued at $450,000 after acquiring an additional 448 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Praxis Precision Medicines by 5,437.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after acquiring an additional 548,986 shares during the last quarter. Finally, Ellsworth Advisors LLC bought a new stake in Praxis Precision Medicines during the fourth quarter worth about $627,000. Institutional investors and hedge funds 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.