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

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a research report issued on Tuesday, Benzinga reports. They currently have a $1,201.00 price target on the stock. HC Wainwright’s price target would suggest a potential upside of 328.71% from the company’s previous close.

Several other brokerages have also issued reports on PRAX. Wells Fargo & Company reaffirmed a “positive” rating and issued a $362.00 target price (up from $323.00) on shares of Praxis Precision Medicines in a research note on Friday, August 7th. BTIG Research boosted their price objective on Praxis Precision Medicines from $810.00 to $826.00 and gave the company a “buy” rating in a research report on Tuesday. Robert W. Baird set a $514.00 price objective on Praxis Precision Medicines in a research report on Friday, August 7th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $462.00 price objective (up from $449.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Finally, Wall Street Zen upgraded Praxis Precision Medicines from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Three 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. According to MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and an average price target of $613.26.

Praxis Precision Medicines Stock Performance

PRAX traded down $3.42 during midday trading on Tuesday, hitting $280.14. The stock had a trading volume of 433,915 shares, compared to its average volume of 462,786. The company has a market cap of $7.82 billion, a P/E ratio of -21.67 and a beta of 2.79. The business has a fifty day moving average of $332.94 and a 200 day moving average of $321.06. Praxis Precision Medicines has a 1 year low of $50.31 and a 1 year high of $392.70.

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

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently made changes to their positions in the business. Janus Henderson Group PLC raised its holdings in shares of Praxis Precision Medicines by 6.8% during the first quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock valued at $1,113,514,000 after acquiring an additional 218,777 shares in the last quarter. Perceptive Advisors LLC raised its holdings in shares of Praxis Precision Medicines by 2.0% during the first 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 in the last quarter. Baker BROS. Advisors LP raised its holdings in shares of Praxis Precision Medicines by 63.4% during the fourth 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 in the last quarter. Bank of America Corp DE raised its holdings in shares of Praxis Precision Medicines by 2.3% during the first quarter. Bank of America Corp DE now owns 534,604 shares of the company’s stock valued at $172,244,000 after acquiring an additional 11,841 shares in the last quarter. Finally, Barclays PLC raised its holdings in shares of Praxis Precision Medicines by 592.6% during the fourth quarter. Barclays PLC now owns 530,751 shares of the company’s stock valued at $156,434,000 after acquiring an additional 454,114 shares in 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.