Praxis Precision Medicines (NASDAQ:PRAX) Now Covered by Analysts at Robert W. Baird

Analysts at Robert W. Baird started coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report released on Wednesday, Briefing.com reports. The firm set an “outperform” rating and a $117.00 price target on the stock. Robert W. Baird’s price target indicates a potential upside of 113.23% from the company’s previous close.

Several other research firms have also recently commented on PRAX. Jefferies Financial Group boosted their target price on Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a “buy” rating in a research report on Tuesday, March 26th. HC Wainwright restated a “buy” rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a research report on Friday, April 26th. Finally, Wedbush raised their target price on shares of Praxis Precision Medicines from $16.00 to $29.00 and gave the company a “neutral” rating in a research note on Friday, January 12th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Praxis Precision Medicines has an average rating of “Moderate Buy” and an average target price of $105.80.

Praxis Precision Medicines Trading Down 3.5 %

Shares of Praxis Precision Medicines stock opened at $54.87 on Wednesday. The company’s 50-day moving average price is $52.57 and its 200-day moving average price is $35.21. Praxis Precision Medicines has a 12-month low of $12.45 and a 12-month high of $67.21. The company has a market cap of $726.37 million, a price-to-earnings ratio of -2.32 and a beta of 2.89.

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

Institutional Investors Weigh In On Praxis Precision Medicines

Several institutional investors and hedge funds have recently made changes to their positions in PRAX. Simplex Trading LLC purchased a new position in shares of Praxis Precision Medicines in the fourth quarter worth $31,000. Jump Financial LLC bought a new stake in Praxis Precision Medicines in the 3rd quarter worth about $56,000. Connor Clark & Lunn Investment Management Ltd. raised its position in Praxis Precision Medicines by 45.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock worth $96,000 after buying an additional 17,428 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Praxis Precision Medicines by 409.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 75,077 shares of the company’s stock valued at $128,000 after acquiring an additional 60,342 shares during the period. Finally, Citigroup Inc. lifted its stake in Praxis Precision Medicines by 44,585.5% during the 3rd quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock valued at $142,000 after acquiring an additional 82,929 shares during the period. Institutional investors own 67.84% of the company’s stock.

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.