HC Wainwright Reiterates Buy Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $105.00 target price on the stock. HC Wainwright’s price target would indicate a potential upside of 98.56% from the stock’s previous close.

Several other brokerages have also issued reports on PRAX. Jefferies Financial Group lifted their price target on Praxis Precision Medicines from $75.00 to $128.00 and gave the company a “buy” rating in a report on Tuesday, March 26th. Wedbush lifted their price target on Praxis Precision Medicines from $16.00 to $29.00 and gave the company a “neutral” rating in a report on Friday, January 12th.

Praxis Precision Medicines Price Performance

NASDAQ:PRAX opened at $52.88 on Friday. Praxis Precision Medicines has a fifty-two week low of $12.45 and a fifty-two week high of $67.21. The stock’s 50-day moving average is $51.72 and its two-hundred day moving average is $34.31. The stock has a market cap of $700.13 million, a PE ratio of -2.23 and a beta of 2.89.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share for the quarter, beating the consensus estimate of ($3.05) by $0.08. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%. The company had revenue of $0.52 million for the quarter, compared to analysts’ expectations of $0.30 million. On average, equities research analysts anticipate that Praxis Precision Medicines will post -8.64 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Citigroup Inc. lifted its holdings in Praxis Precision Medicines by 44,585.5% in the 3rd quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock worth $142,000 after purchasing an additional 82,929 shares during the last quarter. Acuta Capital Partners LLC increased its position in shares of Praxis Precision Medicines by 5.5% during the third quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock valued at $7,669,000 after purchasing an additional 235,000 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Praxis Precision Medicines by 45.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock valued at $96,000 after purchasing an additional 17,428 shares during the period. Adage Capital Partners GP L.L.C. increased its position in shares of Praxis Precision Medicines by 10.7% during the third quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock valued at $15,014,000 after purchasing an additional 849,362 shares during the period. Finally, DLD Asset Management LP bought a new stake in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $223,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

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.