Praxis Precision Medicines’ (PRAX) “Buy” Rating Reiterated at HC Wainwright

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 Thursday, Benzinga reports. They currently have a $1,201.00 price objective on the stock. HC Wainwright’s target price points to a potential upside of 361.62% from the stock’s previous close.

A number of other equities analysts have also weighed in on PRAX. Weiss Ratings restated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Monday, August 24th. Wells Fargo & Company restated a “positive” rating and set a $362.00 price target (up from $323.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. BTIG Research boosted their price target on shares of Praxis Precision Medicines from $810.00 to $826.00 and gave the stock a “buy” rating in a research report on Tuesday, October 6th. Robert W. Baird set a $514.00 price target on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $575.00 price target (up from $470.00) on shares of Praxis Precision Medicines in a research report on Friday, August 21st. Three analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and an average price target of $630.42.

Praxis Precision Medicines Price Performance

PRAX traded up $18.41 on Thursday, reaching $260.17. 860,757 shares of the company’s stock were exchanged, compared to its average volume of 470,065. The stock has a market cap of $7.26 billion, a PE ratio of -20.12 and a beta of 2.79. Praxis Precision Medicines has a twelve month low of $154.45 and a twelve month high of $392.70. The stock’s fifty day moving average price is $321.69 and its 200-day moving average price is $318.60.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.67) by $0.80. As a group, research analysts predict that Praxis Precision Medicines will post -13.90 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors and hedge funds have recently bought and sold shares of PRAX. Integrated Wealth Concepts LLC acquired a new position in Praxis Precision Medicines in the 2nd quarter valued at about $38,000. Parallel Advisors LLC boosted its holdings in Praxis Precision Medicines by 3,000.0% in the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock valued at $40,000 after purchasing an additional 120 shares during the last quarter. IFP Advisors Inc boosted its holdings in Praxis Precision Medicines by 632.0% in the 3rd quarter. IFP Advisors Inc now owns 183 shares of the company’s stock valued at $53,000 after purchasing an additional 158 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Praxis Precision Medicines by 10.3% in the 2nd quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock valued at $111,000 after purchasing an additional 31 shares during the last quarter. Finally, ABS Direct Equity Fund LLC acquired a new position in Praxis Precision Medicines in the 1st quarter valued at about $135,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for disorders of the central nervous system. The company applies its Cerebrum™ platform, which combines human genetics, neuroscience and data science, to identify disease mechanisms and advance precision medicines for patients with neurological and psychiatric conditions.

Its pipeline has included investigational treatments for epilepsy and other severe neurological disorders. Key programs have included PRAX-628, a small-molecule antiseizure medicine candidate, and elsunersen, an antisense oligonucleotide program being developed for certain genetically defined forms of epilepsy.