HC Wainwright Reaffirms “Buy” Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reiterated by research analysts at HC Wainwright in a note issued to investors on Tuesday,Benzinga reports. They currently have a $1,245.00 price objective on the stock. HC Wainwright’s price objective would indicate a potential upside of 262.38% from the company’s current price.

A number of other equities analysts have also commented on the company. Guggenheim reaffirmed a “buy” rating and issued a $800.00 price objective (up from $760.00) on shares of Praxis Precision Medicines in a research note on Tuesday, February 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $510.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, April 14th. Wolfe Research started coverage on Praxis Precision Medicines in a research note on Monday, February 23rd. They issued an “outperform” rating and a $500.00 price objective on the stock. Deutsche Bank Aktiengesellschaft set a $420.00 price objective on Praxis Precision Medicines in a research note on Friday, May 8th. Finally, Raymond James Financial started coverage on Praxis Precision Medicines in a research note on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 price objective on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $592.67.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock opened at $343.56 on Tuesday. The company has a market capitalization of $9.58 billion, a PE ratio of -25.70 and a beta of 2.76. Praxis Precision Medicines has a 12 month low of $35.21 and a 12 month high of $358.76. The stock has a 50-day moving average price of $322.09 and a two-hundred day moving average price of $290.36.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, beating the consensus estimate of ($3.58) by $0.38. As a group, analysts predict that Praxis Precision Medicines will post -14.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several large investors have recently added to or reduced their stakes in the business. CTC Alternative Strategies Ltd. acquired a new stake in Praxis Precision Medicines during the first quarter worth approximately $298,000. Vivo Capital LLC grew its stake in Praxis Precision Medicines by 3.0% during the first quarter. Vivo Capital LLC now owns 338,895 shares of the company’s stock worth $109,189,000 after purchasing an additional 10,000 shares during the period. Bank of America Corp DE grew its stake in 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 worth $172,244,000 after purchasing an additional 11,841 shares during the period. Stempoint Capital LP grew its stake in Praxis Precision Medicines by 167.1% during the first quarter. Stempoint Capital LP now owns 56,267 shares of the company’s stock worth $18,129,000 after purchasing an additional 35,200 shares during the period. Finally, Janus Henderson Group PLC grew its stake in 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 worth $1,113,514,000 after purchasing an additional 218,777 shares during the period. Institutional investors and hedge funds own 67.84% of the company’s stock.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.