Praxis Precision Medicines’ (PRAX) Buy Rating Reaffirmed at HC Wainwright

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating restated by HC Wainwright in a report released on Thursday, Benzinga reports. They currently have a $1,201.00 price objective on the stock. HC Wainwright’s price target indicates a potential upside of 402.47% from the company’s previous close.

A number of other research firms have also recently weighed in on PRAX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Monday, August 24th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $945.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, August 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $582.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, September 24th. UBS Group initiated coverage on shares of Praxis Precision Medicines in a research report on Wednesday. They issued a “buy” rating and a $706.00 price target for the company. Finally, Wall Street Zen raised shares of Praxis Precision Medicines from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and a consensus price target of $610.95.

Praxis Precision Medicines Stock Performance

NASDAQ:PRAX opened at $239.02 on Thursday. The stock has a market capitalization of $6.67 billion, a P/E ratio of -18.49 and a beta of 2.79. The company has a 50 day moving average price of $326.50 and a 200 day moving average price of $319.14. Praxis Precision Medicines has a fifty-two week low of $52.62 and a fifty-two week high of $392.70.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Janus Henderson Group PLC increased its stake in Praxis Precision Medicines by 6.8% in 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 purchasing an additional 218,777 shares during the period. Perceptive Advisors LLC increased its stake in Praxis Precision Medicines by 2.0% in the first quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock valued at $655,974,000 after purchasing an additional 40,000 shares during the period. Baker BROS. Advisors LP increased its stake in Praxis Precision Medicines by 63.4% in the fourth quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock valued at $332,021,000 after purchasing an additional 437,000 shares during the period. Bank of America Corp DE increased its stake in Praxis Precision Medicines by 2.3% in the first quarter. Bank of America Corp DE now owns 534,604 shares of the company’s stock valued at $172,244,000 after purchasing an additional 11,841 shares during the period. Finally, Vivo Capital LLC increased its stake in Praxis Precision Medicines by 3.0% in the first quarter. Vivo Capital LLC now owns 338,895 shares of the company’s stock valued at $109,189,000 after purchasing an additional 10,000 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.