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

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a research report issued on Thursday, Benzinga reports. They presently have a $1,201.00 price target on the stock. HC Wainwright’s price objective indicates a potential upside of 371.05% from the company’s previous close.

PRAX has been the subject of a number of other research reports. BTIG Research lifted their price target on Praxis Precision Medicines from $810.00 to $826.00 and gave the stock a “buy” rating in a research report on Tuesday, October 6th. Piper Sandler reiterated an “overweight” rating on shares of Praxis Precision Medicines in a research note on Monday, July 13th. 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 note on Friday, August 21st. Needham & Company LLC reiterated a “buy” rating and set a $582.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, September 24th. Finally, Robert W. Baird set a $514.00 price objective on Praxis Precision Medicines in a research note on Friday, August 7th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $610.95.

Praxis Precision Medicines Price Performance

PRAX traded up $15.94 on Thursday, reaching $254.96. 160,877 shares of the stock were exchanged, compared to its average volume of 465,222. The company’s 50-day moving average price is $326.50 and its 200 day moving average price is $319.14. Praxis Precision Medicines has a fifty-two week low of $154.45 and a fifty-two week high of $392.70. The firm has a market capitalization of $7.12 billion, a PE ratio of -19.72 and a beta of 2.79.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, topping analysts’ consensus estimates of ($3.67) by $0.80. As a group, equities analysts forecast that Praxis Precision Medicines will post -13.90 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently modified their holdings of the business. Swiss National Bank increased its stake in shares of Praxis Precision Medicines by 15.3% in the 1st quarter. Swiss National Bank now owns 46,700 shares of the company’s stock valued at $15,046,000 after purchasing an additional 6,200 shares in the last quarter. Seven Fleet Capital Management LP purchased a new position in shares of Praxis Precision Medicines in the 2nd quarter valued at about $2,524,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Praxis Precision Medicines in the 2nd quarter valued at about $2,698,000. Orbimed Advisors LLC boosted its holdings in Praxis Precision Medicines by 82.5% in the 1st quarter. Orbimed Advisors LLC now owns 172,500 shares of the company’s stock worth $55,578,000 after buying an additional 78,000 shares during the last quarter. Finally, Fifth Third Bancorp acquired a new stake in Praxis Precision Medicines in the 1st quarter worth about $1,156,000. Hedge funds and other 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.