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

Needham & Company LLC restated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report report published on Monday,Benzinga reports. Needham & Company LLC currently has a $80.00 price objective on the stock.

PRAX has been the topic of several other research reports. Wedbush cut Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a report on Friday, February 28th. Robert W. Baird lowered their price objective on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a “buy” rating and a $111.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $105.00 price target on shares of Praxis Precision Medicines in a report on Thursday, May 1st. Finally, Truist Financial decreased their target price on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and a consensus target price of $120.56.

Praxis Precision Medicines Price Performance

Shares of PRAX stock opened at $38.96 on Monday. The stock’s fifty day simple moving average is $36.09 and its 200 day simple moving average is $61.74. Praxis Precision Medicines has a one year low of $26.70 and a one year high of $91.83. The firm has a market cap of $793.58 million, a price-to-earnings ratio of -3.78 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX) last released 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 anticipate that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors have recently made changes to their positions in PRAX. GF Fund Management CO. LTD. purchased a new stake in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $30,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Praxis Precision Medicines in the fourth quarter valued at about $48,000. Graham Capital Management L.P. bought a new position in shares of Praxis Precision Medicines during the fourth quarter valued at about $209,000. KLP Kapitalforvaltning AS bought a new stake in shares of Praxis Precision Medicines in the fourth quarter worth about $215,000. Finally, Envestnet Asset Management Inc. purchased a new position in Praxis Precision Medicines during the 4th quarter valued at about $231,000. Hedge funds and other institutional investors 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.