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

HC Wainwright reaffirmed their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report released on Tuesday,Benzinga reports. The firm currently has a $1,201.00 price target on the stock.

A number of other equities research analysts also recently weighed in on PRAX. Weiss Ratings restated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Monday, August 24th. Raymond James Financial reiterated a “strong-buy” rating and issued a $945.00 price objective on shares of Praxis Precision Medicines in a report on Monday, August 17th. The Goldman Sachs Group reiterated a “buy” rating and set a $575.00 price objective (up from $470.00) on shares of Praxis Precision Medicines in a research report on Friday, August 21st. Piper Sandler reissued an “overweight” rating on shares of Praxis Precision Medicines in a report on Monday, July 13th. Finally, BTIG Research boosted their target price on Praxis Precision Medicines from $810.00 to $826.00 and gave the stock a “buy” rating in a research report on Tuesday. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $613.26.

Praxis Precision Medicines Price Performance

PRAX stock opened at $263.55 on Tuesday. The firm has a 50 day simple moving average of $331.48 and a two-hundred day simple moving average of $320.62. The stock has a market cap of $7.36 billion, a PE ratio of -20.38 and a beta of 2.79. Praxis Precision Medicines has a one year low of $50.56 and a one year high of $392.70.

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

Institutional Trading of Praxis Precision Medicines

Institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC increased its holdings in shares of Praxis Precision Medicines by 6.8% in the first quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock worth $1,113,514,000 after buying an additional 218,777 shares during the period. Perceptive Advisors LLC boosted its holdings in Praxis Precision Medicines by 2.0% during the 1st quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock valued at $655,974,000 after acquiring an additional 40,000 shares during the period. Baker BROS. Advisors LP boosted its holdings in Praxis Precision Medicines by 63.4% during the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock valued at $332,021,000 after acquiring an additional 437,000 shares during the period. Bank of America Corp DE grew its position in Praxis Precision Medicines by 2.3% during the 1st quarter. Bank of America Corp DE now owns 534,604 shares of the company’s stock worth $172,244,000 after acquiring an additional 11,841 shares during the last quarter. Finally, Barclays PLC grew its position in Praxis Precision Medicines by 592.6% during the 4th quarter. Barclays PLC now owns 530,751 shares of the company’s stock worth $156,434,000 after acquiring an additional 454,114 shares during the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.