Praxis Precision Medicines (NASDAQ:PRAX) Earns “Buy” Rating from HC Wainwright

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $1,201.00 price target on the stock. HC Wainwright’s price objective indicates a potential upside of 332.37% from the company’s current price.

Several other equities research analysts have also recently issued reports on the stock. BTIG Research lifted their target price on shares of Praxis Precision Medicines from $810.00 to $826.00 and gave the stock a “buy” rating in a research note on Tuesday. 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 note on Friday, August 7th. Wells Fargo & Company reaffirmed a “positive” rating and set a $362.00 price objective (up from $323.00) on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Wall Street Zen upgraded shares of Praxis Precision Medicines from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Raymond James Financial reissued a “strong-buy” rating and issued a $945.00 target price on shares of Praxis Precision Medicines in a research note on Monday, August 17th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $613.26.

Praxis Precision Medicines Price Performance

PRAX stock traded down $5.79 during trading on Tuesday, hitting $277.77. The stock had a trading volume of 217,701 shares, compared to its average volume of 461,881. Praxis Precision Medicines has a twelve month low of $50.31 and a twelve month high of $392.70. The stock has a market capitalization of $7.76 billion, a P/E ratio of -21.48 and a beta of 2.79. The company’s 50-day moving average price is $332.94 and its two-hundred day moving average price is $321.06.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, beating analysts’ consensus estimates of ($3.67) by $0.80. As a group, sell-side analysts expect that Praxis Precision Medicines will post -13.9 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC grew its position in Praxis Precision Medicines by 6.8% in the first quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock worth $1,113,514,000 after acquiring an additional 218,777 shares during the period. Perceptive Advisors LLC raised its position in Praxis Precision Medicines by 2.0% in the first quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock valued at $655,974,000 after purchasing an additional 40,000 shares during the period. Baker BROS. Advisors LP lifted its stake in shares of Praxis Precision Medicines by 63.4% in the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock valued at $332,021,000 after purchasing an additional 437,000 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Praxis Precision Medicines by 2.3% during the 1st 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. Finally, Barclays PLC grew its holdings in shares of Praxis Precision Medicines by 592.6% during the 4th quarter. Barclays PLC now owns 530,751 shares of the company’s stock worth $156,434,000 after purchasing an additional 454,114 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

About Praxis Precision Medicines

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.