Praxis Precision Medicines (NASDAQ:PRAX) Earns "Buy" Rating from Needham & Company LLC

Key Points

• Needham reiterated a “Buy” rating on Praxis Precision Medicines with a $582 price target, implying 106.3% upside from the previous close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $612.42, despite one “Sell” rating from Weiss Ratings.
• Praxis reported quarterly EPS of negative $2.87, beating the consensus estimate of negative $3.67. Institutional investors own 67.84% of the company, while analysts expect a full-year EPS loss of $13.92.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at Needham & Company LLC in a note issued to investors on Thursday, Benzinga reports. They presently have a $582.00 price objective on the stock. Needham & Company LLC's price target would indicate a potential upside of 106.30% from the stock's previous close.

Several other equities research analysts also recently issued reports on the stock. Wells Fargo & Company reiterated a "positive" rating and issued a $362.00 target price (up from $323.00) on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $374.00 price target (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $462.00 price objective (up from $449.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Piper Sandler restated an "overweight" rating on shares of Praxis Precision Medicines in a research note on Monday, July 13th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Praxis Precision Medicines in a research note on Monday, August 24th. Three 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 company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $612.42.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock opened at $282.12 on Thursday. The company has a market cap of $7.88 billion, a price-to-earnings ratio of -21.82 and a beta of 2.76. The firm has a 50-day moving average of $337.62 and a 200-day moving average of $322.08. Praxis Precision Medicines has a one year low of $46.99 and a one year high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings results 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, sell-side analysts expect that Praxis Precision Medicines will post -13.92 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently modified their holdings of the business. Integrated Wealth Concepts LLC acquired a new position in shares of Praxis Precision Medicines during the 2nd quarter valued at $38,000. Parallel Advisors LLC boosted its position in shares of Praxis Precision Medicines by 3,000.0% during the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company's stock worth $40,000 after purchasing an additional 120 shares in the last quarter. GAMMA Investing LLC raised its stake in Praxis Precision Medicines by 10.3% during the 2nd quarter. GAMMA Investing LLC now owns 332 shares of the company's stock worth $111,000 after buying an additional 31 shares during the period. ABS Direct Equity Fund LLC bought a new position in Praxis Precision Medicines in the first quarter worth approximately $135,000. Finally, Global Retirement Partners LLC acquired a new position in shares of Praxis Precision Medicines during the fourth quarter worth approximately $177,000. 67.84% of the stock is currently owned by institutional investors.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc NASDAQ: PRAX is a biotechnology company focused on developing treatments for central nervous system disorders, including epilepsy, movement disorders and other neurological conditions. The company uses its Precision Genetic Medicine platform, which combines human genetics, functional genomics and neuroscience research to identify disease mechanisms and potential therapeutic targets.

Praxis' pipeline has included investigational medicines such as ulixacaltamide, a treatment candidate being developed for essential tremor, and elsunersen, an antisense oligonucleotide designed for certain severe genetic epilepsies.

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