Wedbush Increases Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $48.00

Praxis Precision Medicines (NASDAQ:PRAX) had its target price increased by Wedbush from $40.00 to $48.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Wedbush’s price objective points to a potential downside of 7.25% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the company. Needham & Company LLC restated a “buy” rating and set a $145.00 price objective on shares of Praxis Precision Medicines in a research report on Monday. Oppenheimer started coverage on Praxis Precision Medicines in a report on Monday, August 5th. They set an “outperform” rating and a $134.00 target price for the company. Guggenheim started coverage on Praxis Precision Medicines in a report on Tuesday, June 18th. They set a “buy” rating and a $155.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $105.00 target price on shares of Praxis Precision Medicines in a research note on Tuesday, May 14th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $270.00 price target on shares of Praxis Precision Medicines in a research report on Monday, July 1st. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $140.78.

Praxis Precision Medicines Stock Down 0.9 %

Shares of NASDAQ PRAX traded down $0.49 during midday trading on Wednesday, hitting $51.75. The stock had a trading volume of 151,527 shares, compared to its average volume of 280,538. The business’s 50 day moving average is $47.41 and its 200-day moving average is $48.64. The company has a market cap of $885.44 million, a P/E ratio of -3.26 and a beta of 2.73. Praxis Precision Medicines has a 52 week low of $13.01 and a 52 week high of $67.21.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Monday, May 13th. The company reported ($2.84) EPS for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.83). Praxis Precision Medicines had a negative net margin of 5,711.85% and a negative return on equity of 101.99%. The business had revenue of $0.43 million for the quarter, compared to analysts’ expectations of $2.75 million. As a group, analysts expect that Praxis Precision Medicines will post -10.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Amalgamated Bank purchased a new position in shares of Praxis Precision Medicines during the second quarter worth about $25,000. Simplex Trading LLC purchased a new position in shares of Praxis Precision Medicines during the 4th quarter worth approximately $31,000. SG Americas Securities LLC purchased a new position in shares of Praxis Precision Medicines during the 1st quarter worth approximately $150,000. Victory Capital Management Inc. increased its stake in shares of Praxis Precision Medicines by 25.0% during the 4th quarter. Victory Capital Management Inc. now owns 15,705 shares of the company’s stock worth $350,000 after purchasing an additional 3,137 shares in the last quarter. Finally, Kingdon Capital Management L.L.C. increased its stake in shares of Praxis Precision Medicines by 1.0% during the 1st quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock worth $21,357,000 after purchasing an additional 3,335 shares in 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.