HC Wainwright Reaffirms “Buy” Rating for Praxis Precision Medicines (NASDAQ:PRAX)

HC Wainwright restated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report report published on Friday, Benzinga reports. HC Wainwright currently has a $105.00 price objective on the stock.

A number of other equities research analysts also recently weighed in on the company. Wedbush lifted their target price on Praxis Precision Medicines from $16.00 to $29.00 and gave the stock a neutral rating in a research report on Friday, January 12th. Jefferies Financial Group raised their price target on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a buy rating in a research note on Tuesday, March 26th.

Praxis Precision Medicines Price Performance

PRAX stock opened at $54.80 on Friday. Praxis Precision Medicines has a twelve month low of $12.45 and a twelve month high of $67.21. The business’s 50-day simple moving average is $51.97 and its 200 day simple moving average is $34.54.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.05) by $0.08. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%. The business had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.30 million. As a group, equities research analysts expect that Praxis Precision Medicines will post -8.64 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Simplex Trading LLC bought a new position in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $31,000. Jump Financial LLC bought a new position in shares of Praxis Precision Medicines in the third quarter valued at approximately $56,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Praxis Precision Medicines by 45.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock valued at $96,000 after acquiring an additional 17,428 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Praxis Precision Medicines by 409.5% in the third quarter. Bank of New York Mellon Corp now owns 75,077 shares of the company’s stock valued at $128,000 after acquiring an additional 60,342 shares during the last quarter. Finally, Citigroup Inc. raised its stake in shares of Praxis Precision Medicines by 44,585.5% in the third quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock valued at $142,000 after acquiring an additional 82,929 shares during the last quarter. Institutional investors 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.