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

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $1,245.00 price objective on the stock. HC Wainwright’s target price would suggest a potential upside of 301.47% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Praxis Precision Medicines in a research report on Monday, December 29th. Citigroup reaffirmed a “conviction-buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, December 30th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $450.00 target price (up from $300.00) on shares of Praxis Precision Medicines in a research report on Tuesday, December 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $1,200.00 target price (up from $450.00) on shares of Praxis Precision Medicines in a research report on Wednesday, January 28th. Finally, BTIG Research reissued a “buy” rating and set a $843.00 price objective on shares of Praxis Precision Medicines in a report on Monday. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and a consensus target price of $576.12.

Praxis Precision Medicines Price Performance

Shares of PRAX stock opened at $310.11 on Tuesday. The stock has a market cap of $8.64 billion, a P/E ratio of -23.04 and a beta of 2.94. Praxis Precision Medicines has a one year low of $26.70 and a one year high of $356.00. The stock has a fifty day moving average price of $314.17 and a 200 day moving average price of $238.24.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Thursday, February 19th. The company reported ($3.50) EPS for the quarter, missing the consensus estimate of ($3.00) by ($0.50). Equities research analysts anticipate that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Seven Fleet Capital Management LP acquired a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at $796,000. T. Rowe Price Investment Management Inc. acquired a new stake in Praxis Precision Medicines in the fourth quarter worth about $81,464,000. Invesco Ltd. increased its position in Praxis Precision Medicines by 269.4% in the fourth quarter. Invesco Ltd. now owns 77,088 shares of the company’s stock worth $22,721,000 after purchasing an additional 56,220 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in Praxis Precision Medicines in the fourth quarter worth about $357,000. Finally, Mackenzie Financial Corp acquired a new stake in Praxis Precision Medicines in the fourth quarter worth about $415,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.