Praxis Precision Medicines’ (PRAX) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a $1,245.00 price objective on the stock.

Other research analysts have also issued reports about the company. Wolfe Research assumed coverage on Praxis Precision Medicines in a report on Monday, February 23rd. They issued an “outperform” rating and a $500.00 price objective on the stock. Citigroup reiterated a “conviction-buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, December 30th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $412.00 price objective on shares of Praxis Precision Medicines in a research note on Friday, February 20th. Oppenheimer reiterated an “outperform” rating and issued a $750.00 price objective (up from $250.00) on shares of Praxis Precision Medicines in a research note on Monday, December 15th. Finally, Guggenheim reiterated a “buy” rating and issued a $800.00 price objective (up from $760.00) on shares of Praxis Precision Medicines in a research note on Tuesday, February 10th. Four investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $576.12.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock opened at $306.69 on Tuesday. The stock’s 50-day simple moving average is $314.01 and its 200-day simple moving average is $240.10. The firm has a market capitalization of $8.54 billion, a PE ratio of -22.79 and a beta of 2.94. Praxis Precision Medicines has a fifty-two week low of $26.70 and a fifty-two week high of $356.00.

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

Institutional Trading of Praxis Precision Medicines

Several hedge funds and other institutional investors have recently bought and sold shares of PRAX. NBC Securities Inc. acquired a new stake in Praxis Precision Medicines during the fourth quarter worth about $38,000. Danske Bank A S acquired a new stake in Praxis Precision Medicines during the fourth quarter valued at $59,000. GAMMA Investing LLC grew its position in 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 period. Tower Research Capital LLC TRC grew its position in Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after buying an additional 359 shares during the period. Finally, AlphaQuest LLC grew its position in Praxis Precision Medicines by 1,623.3% during the third quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock valued at $106,000 after buying an additional 1,883 shares during the period. 67.84% of the stock is owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

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.