Praxis Precision Medicines (NASDAQ:PRAX) Earns Outperform Rating from Analysts at Oppenheimer

Oppenheimer began coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report released on Monday morning, Marketbeat reports. The firm issued an outperform rating and a $134.00 target price on the stock.

PRAX has been the topic of a number of other research reports. Guggenheim began coverage on Praxis Precision Medicines in a report on Tuesday, June 18th. They set a buy rating and a $155.00 price target on the stock. HC Wainwright reiterated a buy rating and issued a $105.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, May 14th. Piper Sandler restated an overweight rating and issued a $270.00 price objective on shares of Praxis Precision Medicines in a report on Monday, July 1st. Truist Financial reaffirmed a buy rating and issued a $150.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, May 16th. Finally, Needham & Company LLC started coverage on shares of Praxis Precision Medicines in a research report on Monday, June 24th. They set a buy rating and a $145.00 price target on the stock. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $137.00.

Praxis Precision Medicines Price Performance

Shares of PRAX opened at $52.92 on Monday. Praxis Precision Medicines has a 1 year low of $13.01 and a 1 year high of $67.21. The stock has a 50 day simple moving average of $47.12 and a two-hundred day simple moving average of $48.20. The firm has a market cap of $905.36 million, a P/E ratio of -3.34 and a beta of 2.73.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Monday, May 13th. The company reported ($2.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.83). The company had revenue of $0.43 million for the quarter, compared to the consensus estimate of $2.75 million. Praxis Precision Medicines had a negative net margin of 5,711.85% and a negative return on equity of 101.99%. On average, equities analysts anticipate that Praxis Precision Medicines will post -10.13 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently bought and sold shares of PRAX. Simplex Trading LLC bought a new stake in shares of Praxis Precision Medicines in the 4th quarter worth approximately $31,000. SG Americas Securities LLC purchased a new position in Praxis Precision Medicines during the first quarter valued at $150,000. DLD Asset Management LP bought a new stake in Praxis Precision Medicines in the fourth quarter worth $223,000. Chase Investment Counsel Corp purchased a new stake in shares of Praxis Precision Medicines in the first quarter worth $229,000. Finally, Boulder Hill Capital Management LP bought a new position in shares of Praxis Precision Medicines during the first quarter valued at $256,000. Hedge funds and other 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.