Praxis Precision Medicines (NASDAQ:PRAX) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has a $151.00 price objective on the stock.

Other research analysts have also recently issued reports about the stock. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday. Guggenheim boosted their target price on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Wedbush upped their target price on Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. Finally, Oppenheimer lifted their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and an average price target of $146.33.

Praxis Precision Medicines Trading Up 3.4 %

PRAX stock traded up $2.53 on Thursday, reaching $77.88. 317,650 shares of the company’s stock were exchanged, compared to its average volume of 279,787. The stock has a fifty day moving average of $64.19 and a 200-day moving average of $53.87. Praxis Precision Medicines has a twelve month low of $13.01 and a twelve month high of $78.08.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.38) by $0.64. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 63.06%. The business had revenue of $0.36 million for the quarter, compared to analysts’ expectations of $1.44 million. As a group, sell-side analysts forecast that Praxis Precision Medicines will post -8.5 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets bought a new stake in shares of Praxis Precision Medicines in the 1st quarter worth $412,000. SG Americas Securities LLC acquired a new stake in Praxis Precision Medicines during the first quarter valued at $150,000. Vanguard Group Inc. raised its stake in shares of Praxis Precision Medicines by 100.6% during the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after purchasing an additional 373,131 shares in the last quarter. Boulder Hill Capital Management LP acquired a new position in Praxis Precision Medicines in the first quarter worth approximately $256,000. Finally, StemPoint Capital LP bought a new position in Praxis Precision Medicines during the first quarter valued at approximately $1,641,000. 67.84% of the stock is currently owned by institutional investors.

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.