Praxis Precision Medicines’ (PRAX) Buy Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report sent to investors on Friday, Benzinga reports. They currently have a $105.00 price objective on the stock.

Several other analysts also recently commented on the stock. Jefferies Financial Group increased their target price on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the company a buy rating in a report on Tuesday, March 26th. Wedbush increased their price target on Praxis Precision Medicines from $16.00 to $29.00 and gave the company a neutral rating in a research report on Friday, January 12th.

Praxis Precision Medicines Trading Up 3.8 %

NASDAQ:PRAX opened at $56.86 on Friday. Praxis Precision Medicines has a 12 month low of $12.45 and a 12 month high of $67.21. The stock has a market capitalization of $752.83 million, a price-to-earnings ratio of -2.40 and a beta of 2.89. The firm has a fifty day simple moving average of $52.28 and a two-hundred day simple moving average of $34.97.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.05) by $0.08. The company had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.30 million. Praxis Precision Medicines had a negative net margin of 5,037.88% and a negative return on equity of 151.02%. Equities analysts predict that Praxis Precision Medicines will post -8.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several large investors have recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. lifted its stake in Praxis Precision Medicines by 10.7% in the third quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock valued at $15,014,000 after purchasing an additional 849,362 shares during the last quarter. Acuta Capital Partners LLC increased its holdings in Praxis Precision Medicines by 5.5% in the 3rd quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock worth $7,669,000 after acquiring an additional 235,000 shares during the last quarter. Silverarc Capital Management LLC raised its stake in Praxis Precision Medicines by 18.5% in the 3rd quarter. Silverarc Capital Management LLC now owns 4,117,920 shares of the company’s stock valued at $7,042,000 after acquiring an additional 641,758 shares during the period. CIBC Asset Management Inc lifted its holdings in Praxis Precision Medicines by 19.3% during the third quarter. CIBC Asset Management Inc now owns 1,825,910 shares of the company’s stock valued at $3,122,000 after purchasing an additional 295,425 shares during the last quarter. Finally, Citigroup Inc. boosted its position in Praxis Precision Medicines by 44,585.5% during the third quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock worth $142,000 after purchasing an additional 82,929 shares during the period. 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.