Praxis Precision Medicines (NASDAQ:PRAX) Stock Rating Reaffirmed as Buy by HC Wainwright

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a note issued to investors on Tuesday, Benzinga reports. They presently have a $1,201.00 target price on the stock. HC Wainwright’s price target would indicate a potential upside of 335.12% from the company’s previous close.

Several other brokerages have also recently weighed in on PRAX. The Goldman Sachs Group restated 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. Piper Sandler reissued an “overweight” rating on shares of Praxis Precision Medicines in a research report on Monday, July 13th. Wall Street Zen raised shares of Praxis Precision Medicines from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Royal Bank Of Canada reissued an “outperform” rating and set a $462.00 price objective (up from $449.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. Finally, Wells Fargo & Company restated 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. Three research 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. Based on data from MarketBeat, Praxis Precision Medicines has an average rating of “Moderate Buy” and a consensus target price of $613.26.

Praxis Precision Medicines Price Performance

NASDAQ PRAX traded down $7.54 during mid-day trading on Tuesday, reaching $276.01. 158,793 shares of the stock were exchanged, compared to its average volume of 461,653. Praxis Precision Medicines has a one year low of $50.31 and a one year high of $392.70. The stock has a 50 day simple moving average of $332.94 and a 200-day simple moving average of $321.06. The stock has a market cap of $7.71 billion, a P/E ratio of -21.32 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, beating the consensus estimate of ($3.67) by $0.80. Sell-side analysts anticipate that Praxis Precision Medicines will post -13.9 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRAX. Integrated Wealth Concepts LLC purchased a new position in shares of Praxis Precision Medicines during the 2nd quarter valued at $38,000. Parallel Advisors LLC grew its position in Praxis Precision Medicines by 3,000.0% during the first quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after buying an additional 120 shares in the last quarter. GAMMA Investing LLC increased its stake in Praxis Precision Medicines by 10.3% in the 2nd quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock worth $111,000 after acquiring an additional 31 shares during the last quarter. ABS Direct Equity Fund LLC bought a new position in Praxis Precision Medicines in the 1st quarter worth about $135,000. Finally, ACT Capital Management LLC purchased a new stake in shares of Praxis Precision Medicines in the 4th quarter valued at about $206,000. 67.84% of the stock is owned by institutional investors.

Praxis Precision Medicines Company Profile

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.