Praxis Precision Medicines (NASDAQ:PRAX) Earns Buy Rating from HC Wainwright

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a research report issued on Tuesday, Benzinga reports. They presently have a $1,201.00 target price on the stock. HC Wainwright’s price target would suggest a potential upside of 328.66% from the stock’s current price.

A number of other research firms also recently commented on PRAX. Royal Bank Of Canada restated an “outperform” rating and issued a $462.00 target price (up from $449.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. 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. Needham & Company LLC restated a “buy” rating and set a $582.00 price target on shares of Praxis Precision Medicines in a report on Thursday, September 24th. Robert W. Baird set a $514.00 price target on Praxis Precision Medicines in a report on Friday, August 7th. Finally, Piper Sandler restated an “overweight” rating on shares of Praxis Precision Medicines in a report on Monday, July 13th. Three analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Praxis Precision Medicines currently has a consensus rating of “Moderate Buy” and a consensus price target of $613.26.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock traded down $3.39 during trading on Tuesday, reaching $280.18. The company had a trading volume of 283,810 shares, compared to its average volume of 461,936. The firm’s 50-day simple moving average is $332.94 and its 200 day simple moving average is $321.06. Praxis Precision Medicines has a 1-year low of $50.31 and a 1-year high of $392.70. The firm has a market capitalization of $7.82 billion, a PE ratio of -21.67 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) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.67) by $0.80. Analysts anticipate that Praxis Precision Medicines will post -13.9 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC acquired a new stake in shares of Praxis Precision Medicines during the second quarter valued at $38,000. Nykredit A S purchased a new stake in shares of Praxis Precision Medicines in the second quarter valued at $261,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Praxis Precision Medicines in the second quarter valued at $2,698,000. Readystate Asset Management LP purchased a new stake in shares of Praxis Precision Medicines in the second quarter valued at $3,531,000. Finally, Seven Fleet Capital Management LP purchased a new stake in shares of Praxis Precision Medicines in the second quarter valued at $2,524,000. 67.84% of the stock is 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.