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

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They presently have a $510.00 price target on the stock. Needham & Company LLC’s price target suggests a potential upside of 50.03% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company set a $305.00 price objective on Praxis Precision Medicines and gave the company an “equal weight” rating in a research note on Friday, February 20th. Wolfe Research began coverage on Praxis Precision Medicines in a research note on Monday, February 23rd. They issued an “outperform” rating and a $500.00 price objective for the company. BTIG Research reissued a “buy” rating and issued a $843.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, April 6th. Citigroup reissued a “conviction-buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, December 30th. Finally, HC Wainwright reissued a “buy” rating and issued a $1,245.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, April 7th. Five analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $590.78.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock opened at $339.93 on Tuesday. Praxis Precision Medicines has a 52 week low of $28.79 and a 52 week high of $356.00. The stock has a 50 day moving average price of $315.93 and a two-hundred day moving average price of $250.38. The stock has a market capitalization of $9.47 billion, a PE ratio of -25.25 and a beta of 2.94.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Thursday, February 19th. The company reported ($3.50) EPS for the quarter, missing analysts’ consensus estimates of ($3.00) by ($0.50). Research analysts forecast that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. GF Fund Management CO. LTD. boosted its position in shares of Praxis Precision Medicines by 8.2% during the fourth quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock valued at $144,000 after buying an additional 37 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after buying an additional 88 shares during the last quarter. CWM LLC boosted its position in shares of Praxis Precision Medicines by 15.5% during the fourth quarter. CWM LLC now owns 874 shares of the company’s stock valued at $258,000 after buying an additional 117 shares during the last quarter. NBC Securities Inc. purchased a new position in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $38,000. Finally, Farther Finance Advisors LLC boosted its position in shares of Praxis Precision Medicines by 60.0% during the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock valued at $108,000 after buying an additional 138 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.