HC Wainwright Reaffirms Buy Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a note issued to investors on Tuesday, Benzinga reports. They currently have a $1,201.00 price objective on the stock. HC Wainwright’s price objective would suggest a potential upside of 353.47% from the stock’s previous close.

PRAX has been the topic of several other reports. BTIG Research lifted their target price on shares of Praxis Precision Medicines from $810.00 to $826.00 and gave the stock a “buy” rating in a research report on Tuesday. Wells Fargo & Company reiterated a “positive” rating and issued a $362.00 target price (up from $323.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. Needham & Company LLC reissued a “buy” rating and set a $582.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, September 24th. Royal Bank Of Canada restated an “outperform” rating and issued a $462.00 price target (up from $449.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Finally, Piper Sandler restated an “overweight” rating on shares of Praxis Precision Medicines in a research report on Monday, July 13th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $613.26.

Praxis Precision Medicines Trading Up 0.5%

PRAX stock traded up $1.30 during mid-day trading on Tuesday, hitting $264.85. The stock had a trading volume of 226,393 shares, compared to its average volume of 462,884. Praxis Precision Medicines has a 52 week low of $50.56 and a 52 week high of $392.70. The firm has a market capitalization of $7.39 billion, a P/E ratio of -20.44 and a beta of 2.79. The firm has a fifty day simple moving average of $331.48 and a 200 day simple moving average of $320.62.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.67) by $0.80. As a group, equities analysts expect that Praxis Precision Medicines will post -13.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its position in Praxis Precision Medicines by 10.3% during the second quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock valued at $111,000 after buying an additional 31 shares during the period. KBC Group NV lifted its holdings in Praxis Precision Medicines by 5.8% during the first quarter. KBC Group NV now owns 715 shares of the company’s stock valued at $230,000 after purchasing an additional 39 shares during the last quarter. Carl P. Sherr & Co. LLC lifted its holdings in Praxis Precision Medicines by 8.4% during the first quarter. Carl P. Sherr & Co. LLC now owns 972 shares of the company’s stock valued at $313,000 after purchasing an additional 75 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Praxis Precision Medicines during the second quarter valued at about $38,000. Finally, Parallel Advisors LLC lifted its holdings in Praxis Precision Medicines by 3,000.0% during the first quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock valued at $40,000 after purchasing an additional 120 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for central nervous system disorders. The company uses insights from human genetics, neuroscience and its Cerebrum™ platform to identify and advance medicines for conditions in which existing treatment options may be limited.

Praxis’ pipeline has included investigational treatments for epilepsies and other neurological disorders, including developmental and epileptic encephalopathies, essential tremor and movement-related conditions.