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

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

A number of other research firms have also commented on PRAX. Royal Bank Of Canada reissued an “outperform” rating and issued a $462.00 price target (up from $449.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. UBS Group started coverage on Praxis Precision Medicines in a research report on Wednesday. They issued a “buy” rating and a $706.00 price target for the company. Needham & Company LLC reissued a “buy” rating and issued a $582.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, September 24th. BTIG Research increased their price target on Praxis Precision Medicines from $810.00 to $826.00 and gave the company a “buy” rating in a research report on Tuesday, October 6th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $575.00 price target (up from $470.00) on shares of Praxis Precision Medicines in a research report on Friday, August 21st. Three research 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’s stock. Based on data from MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and an average price target of $610.95.

Praxis Precision Medicines Price Performance

Shares of PRAX stock opened at $239.02 on Thursday. The business’s 50 day simple moving average is $326.50 and its 200 day simple moving average is $319.14. Praxis Precision Medicines has a one year low of $52.62 and a one year high of $392.70. The stock has a market capitalization of $6.67 billion, a PE ratio of -18.49 and a beta of 2.79.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, beating the consensus estimate of ($3.67) by $0.80. As a group, research analysts expect that Praxis Precision Medicines will post -13.90 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several large investors have recently made changes to their positions in the business. Avior Wealth Management LLC purchased a new stake in shares of Praxis Precision Medicines during the 3rd quarter valued at $227,000. GAMMA Investing LLC increased its position in shares of Praxis Precision Medicines by 30.1% during the 3rd quarter. GAMMA Investing LLC now owns 432 shares of the company’s stock valued at $126,000 after purchasing an additional 100 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Praxis Precision Medicines during the 2nd quarter valued at $38,000. Nykredit A S purchased a new stake in shares of Praxis Precision Medicines during the 2nd quarter valued at $261,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Praxis Precision Medicines during the 2nd quarter valued at $2,698,000. 67.84% of the stock is owned by hedge funds and other 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.