Praxis Precision Medicines (NASDAQ:PRAX) Given Buy Rating at Needham & Company LLC

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

PRAX has been the subject of a number of other research reports. Truist Financial reduced their price target on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Robert W. Baird reduced their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Chardan Capital initiated coverage on Praxis Precision Medicines in a research report on Wednesday, May 7th. They set a “buy” rating and a $80.00 price target for the company. HC Wainwright reiterated a “buy” rating and set a $105.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, May 1st. Finally, Wedbush boosted their price target on Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an “underperform” rating in a research report on Monday, May 5th. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $109.90.

Praxis Precision Medicines Trading Up 1.0%

Shares of NASDAQ:PRAX opened at $45.03 on Thursday. The firm’s 50 day moving average is $36.93 and its two-hundred day moving average is $55.28. Praxis Precision Medicines has a 52 week low of $26.70 and a 52 week high of $91.83. The firm has a market capitalization of $917.22 million, a P/E ratio of -4.37 and a beta of 2.60.

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

Institutional Trading of Praxis Precision Medicines

Several institutional investors have recently modified their holdings of the company. GF Fund Management CO. LTD. acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth $48,000. Graham Capital Management L.P. acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth $209,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth $215,000. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth $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.