Praxis Precision Medicines (NASDAQ:PRAX) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report published on Thursday,Benzinga reports. They currently have a $151.00 price objective on the stock.

A number of other equities research analysts also recently weighed in on the stock. Guggenheim lifted their price target on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Wedbush raised their price objective on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. Oppenheimer upped their target price on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, HC Wainwright restated a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a research report on Thursday. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $146.33.

Praxis Precision Medicines Price Performance

PRAX stock opened at $77.88 on Thursday. Praxis Precision Medicines has a fifty-two week low of $13.01 and a fifty-two week high of $78.08. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of -7.56 and a beta of 2.67. The business’s fifty day moving average price is $64.68 and its two-hundred day moving average price is $54.14.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.74). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The business had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.53 million. During the same period in the prior year, the business posted ($2.70) earnings per share. Research analysts expect that Praxis Precision Medicines will post -10.26 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets bought a new stake in shares of Praxis Precision Medicines during the 1st quarter valued at approximately $412,000. SG Americas Securities LLC bought a new stake in shares of Praxis Precision Medicines during the first quarter worth $150,000. Vanguard Group Inc. increased its holdings in shares of Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after buying an additional 373,131 shares in the last quarter. Boulder Hill Capital Management LP bought a new position in shares of Praxis Precision Medicines in the 1st quarter valued at $256,000. Finally, StemPoint Capital LP acquired a new stake in shares of Praxis Precision Medicines during the 1st quarter valued at $1,641,000. Institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

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.