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

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a research report issued on Monday, Benzinga reports. They presently have a $145.00 price target on the stock. Needham & Company LLC’s price target points to a potential upside of 177.57% from the stock’s previous close.

PRAX has been the topic of several other reports. Oppenheimer started coverage on Praxis Precision Medicines in a report on Monday, August 5th. They issued an “outperform” rating and a $134.00 price objective on the stock. Robert W. Baird started coverage on shares of Praxis Precision Medicines in a research report on Wednesday, May 1st. They issued an “outperform” rating and a $117.00 target price on the stock. HC Wainwright reissued a “buy” rating and set a $105.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, May 14th. Truist Financial restated a “buy” rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, May 16th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $270.00 target price on shares of Praxis Precision Medicines in a research note on Monday, July 1st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $137.00.

Praxis Precision Medicines Stock Up 0.8 %

Shares of PRAX opened at $52.24 on Monday. Praxis Precision Medicines has a 52 week low of $13.01 and a 52 week high of $67.21. The company has a market capitalization of $893.72 million, a price-to-earnings ratio of -3.29 and a beta of 2.73. The stock’s 50-day moving average price is $47.41 and its 200-day moving average price is $48.64.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results 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). Praxis Precision Medicines had a negative return on equity of 101.99% and a negative net margin of 5,711.85%. The firm had revenue of $0.43 million for the quarter, compared to analysts’ expectations of $2.75 million. As a group, equities analysts anticipate that Praxis Precision Medicines will post -10.08 EPS for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds have recently modified their holdings of the company. Profund Advisors LLC purchased a new stake in shares of Praxis Precision Medicines during the 2nd quarter valued at approximately $318,000. Amalgamated Bank acquired a new stake in Praxis Precision Medicines during the second quarter worth $25,000. Renaissance Technologies LLC increased its stake in Praxis Precision Medicines by 523.2% during the second quarter. Renaissance Technologies LLC now owns 75,433 shares of the company’s stock worth $3,120,000 after acquiring an additional 63,329 shares during the last quarter. Ballentine Partners LLC purchased a new stake in Praxis Precision Medicines in the 2nd quarter valued at about $451,000. Finally, Ovata Capital Management Ltd lifted its position in Praxis Precision Medicines by 100.0% in the second quarter. Ovata Capital Management Ltd now owns 40,000 shares of the company’s stock valued at $1,654,000 after buying an additional 20,000 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, 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.