Praxis Precision Medicines (NASDAQ:PRAX) Receives “Outperform” Rating from Oppenheimer

Oppenheimer reiterated their outperform rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report published on Wednesday, Benzinga reports. The brokerage currently has a $134.00 price target on the stock.

A number of other research analysts have also recently weighed in on PRAX. Guggenheim initiated coverage on shares of Praxis Precision Medicines in a research report on Tuesday, June 18th. They set a buy rating and a $155.00 price objective on the stock. Needham & Company LLC reiterated a buy rating and set a $145.00 price objective on shares of Praxis Precision Medicines in a research report on Monday. Truist Financial reiterated a buy rating and set a $150.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, May 16th. Piper Sandler reiterated an overweight rating and set a $270.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, July 1st. Finally, Wedbush boosted their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a neutral rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Praxis Precision Medicines has a consensus rating of Moderate Buy and an average target price of $142.44.

Praxis Precision Medicines Stock Up 0.8 %

Praxis Precision Medicines stock traded up $0.40 during mid-day trading on Wednesday, reaching $51.66. 12,930 shares of the company’s stock traded hands, compared to its average volume of 279,541. Praxis Precision Medicines has a 12-month low of $13.01 and a 12-month high of $67.21. The company has a market cap of $883.90 million, a price-to-earnings ratio of -3.23 and a beta of 2.73. The stock has a 50 day moving average of $47.55 and a two-hundred day moving average of $48.66.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Monday, May 13th. The company reported ($2.84) earnings per share 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 firm had revenue of $0.43 million for the quarter, compared to the consensus estimate of $2.75 million. As a group, sell-side analysts forecast that Praxis Precision Medicines will post -10.08 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC boosted its stake in shares of Praxis Precision Medicines by 108.4% during the second quarter. Squarepoint Ops LLC now owns 13,348 shares of the company’s stock valued at $552,000 after purchasing an additional 6,942 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in Praxis Precision Medicines by 10.2% during the second quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock valued at $43,498,000 after buying an additional 97,561 shares during the period. Marshall Wace LLP increased its holdings in Praxis Precision Medicines by 105.2% during the second quarter. Marshall Wace LLP now owns 248,381 shares of the company’s stock valued at $10,273,000 after buying an additional 127,357 shares during the period. Profund Advisors LLC purchased a new position in Praxis Precision Medicines during the second quarter valued at approximately $318,000. Finally, Amalgamated Bank purchased a new position in Praxis Precision Medicines during the second quarter valued at approximately $25,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

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.