Praxis Precision Medicines’ (PRAX) Outperform Rating Reiterated at Oppenheimer

Oppenheimer reaffirmed their outperform rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report released on Wednesday morning, Benzinga reports. They currently have a $143.00 target price on the stock, up from their prior target price of $134.00.

PRAX has been the subject of a number of other research reports. Wedbush upped 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 note on Wednesday, August 14th. Guggenheim increased their price target on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a buy rating in a research note on Wednesday, August 14th. Needham & Company LLC reaffirmed a buy rating and issued a $145.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday. Truist Financial reiterated a buy rating and set a $150.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, May 16th. Finally, HC Wainwright restated a buy rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a report on Tuesday. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Praxis Precision Medicines currently has a consensus rating of Moderate Buy and an average price target of $143.44.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock opened at $54.02 on Wednesday. Praxis Precision Medicines has a fifty-two week low of $13.01 and a fifty-two week high of $67.21. The company has a market capitalization of $924.17 million, a price-to-earnings ratio of -3.41 and a beta of 2.72. The stock has a fifty day moving average of $52.17 and a two-hundred day moving average of $49.90.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($1.74) EPS for the quarter, beating analysts’ consensus estimates of ($2.38) by $0.64. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. The business had revenue of $0.36 million for the quarter, compared to analyst estimates of $1.44 million. On average, analysts forecast that Praxis Precision Medicines will post -8.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP acquired a new stake in shares of Praxis Precision Medicines in the second quarter worth $83,000. The Manufacturers Life Insurance Company boosted its position in Praxis Precision Medicines by 77.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,308 shares of the company’s stock worth $1,460,000 after purchasing an additional 15,443 shares during the period. Squarepoint Ops LLC increased its holdings in Praxis Precision Medicines by 108.4% in the 2nd 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. raised its position in Praxis Precision Medicines by 10.2% in 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 purchasing an additional 97,561 shares during the period. Finally, Marshall Wace LLP lifted its stake in shares of Praxis Precision Medicines by 105.2% during the second quarter. Marshall Wace LLP now owns 248,381 shares of the company’s stock worth $10,273,000 after purchasing an additional 127,357 shares in the last quarter. 67.84% of the stock is owned by institutional investors and hedge funds.

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.