Praxis Precision Medicines (NASDAQ:PRAX) Stock Rating Reaffirmed as “Buy” by HC Wainwright

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

PRAX has been the subject of a number of other reports. UBS Group initiated coverage on Praxis Precision Medicines in a report on Wednesday. They set a “buy” rating and a $706.00 price target for the company. Wall Street Zen raised Praxis Precision Medicines from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Royal Bank Of Canada reissued an “outperform” rating and issued a $462.00 price objective (up from $449.00) on shares of Praxis Precision Medicines in a research note on Friday, August 7th. BTIG Research raised their target price on Praxis Precision Medicines from $810.00 to $826.00 and gave the company a “buy” rating in a research note on Tuesday, October 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Praxis Precision Medicines in a report on Monday, August 24th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $610.95.

Praxis Precision Medicines Stock Down 1.8%

Shares of PRAX stock opened at $239.02 on Thursday. The company has a market capitalization of $6.67 billion, a P/E ratio of -18.49 and a beta of 2.79. Praxis Precision Medicines has a 12-month low of $52.62 and a 12-month high of $392.70. The firm has a 50-day moving average price of $326.50 and a 200 day moving average price of $319.14.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, topping 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 Trading of Praxis Precision Medicines

Institutional investors and hedge funds have recently made changes to their positions in the business. Janus Henderson Group PLC boosted its position in shares of Praxis Precision Medicines by 6.8% in the 1st quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock worth $1,113,514,000 after purchasing an additional 218,777 shares during the last quarter. Perceptive Advisors LLC increased its stake in shares of Praxis Precision Medicines by 2.0% in the 1st quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock valued at $655,974,000 after acquiring an additional 40,000 shares during the last quarter. Baker BROS. Advisors LP raised its position 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 acquiring an additional 437,000 shares during the period. Bank of America Corp DE boosted its stake in 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 acquiring an additional 11,841 shares during the last quarter. Finally, Vivo Capital LLC boosted its stake in Praxis Precision Medicines by 3.0% during the 1st quarter. Vivo Capital LLC now owns 338,895 shares of the company’s stock worth $109,189,000 after acquiring an additional 10,000 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

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.