Needham & Company LLC Reaffirms “Buy” Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Needham & Company LLC reissued their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report released on Monday,Benzinga reports. Needham & Company LLC currently has a $80.00 target price on the stock.

A number of other brokerages have also recently weighed in on PRAX. HC Wainwright restated a “buy” rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, May 1st. Wedbush downgraded shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research report on Friday, February 28th. Truist Financial decreased their price objective on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft assumed coverage on Praxis Precision Medicines in a report on Tuesday, February 11th. They set a “buy” rating and a $111.00 target price on the stock. Finally, Robert W. Baird decreased their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $116.50.

Praxis Precision Medicines Trading Up 8.3 %

Shares of NASDAQ:PRAX opened at $38.09 on Monday. The firm’s 50 day moving average is $35.49 and its two-hundred day moving average is $61.39. The firm has a market capitalization of $775.86 million, a P/E ratio of -3.70 and a beta of 2.65. Praxis Precision Medicines has a 52 week low of $26.70 and a 52 week high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Friday, May 2nd. The company reported ($3.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($3.20) by ($0.09). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. Analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently modified their holdings of PRAX. Y Intercept Hong Kong Ltd acquired a new stake in shares of Praxis Precision Medicines during the first quarter worth $237,000. Rhumbline Advisers raised its holdings in Praxis Precision Medicines by 6.7% during the 1st quarter. Rhumbline Advisers now owns 24,294 shares of the company’s stock worth $920,000 after buying an additional 1,525 shares during the period. GAMMA Investing LLC raised its holdings in Praxis Precision Medicines by 6,075.4% during the 1st quarter. GAMMA Investing LLC now owns 4,014 shares of the company’s stock worth $152,000 after buying an additional 3,949 shares during the period. California State Teachers Retirement System lifted its stake in Praxis Precision Medicines by 2.2% during the fourth quarter. California State Teachers Retirement System now owns 12,726 shares of the company’s stock valued at $979,000 after buying an additional 275 shares in the last quarter. Finally, Polar Asset Management Partners Inc. acquired a new position in shares of Praxis Precision Medicines in the fourth quarter worth about $7,590,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.