HC Wainwright Reaffirms "Buy" Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Key Points

• HC Wainwright reaffirmed its “Buy” rating on Praxis Precision Medicines and set a $1,201 price target, implying 333.86% upside from the prior close. Analysts overall give the stock a “Moderate Buy” consensus rating with an average target of $613.26.
• PRAX shares fell 2.4% to $276.82, with the stock trading well below its 52-week high of $392.70. The company reported a quarterly loss of $2.87 per share, which was better than analysts’ expected loss of $3.67.
• Institutional investors own 67.84% of Praxis, with several funds recently increasing or initiating positions. The clinical-stage biopharmaceutical company is developing treatments for central nervous system disorders, including epilepsy and movement-related conditions.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at HC Wainwright in a note issued to investors on Tuesday, Benzinga reports. They presently have a $1,201.00 price target on the stock. HC Wainwright's price target would suggest a potential upside of 333.86% from the company's previous close.

PRAX has been the topic of a number of other reports. Wall Street Zen upgraded shares of Praxis Precision Medicines from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Wells Fargo & Company reiterated a "positive" rating and issued a $362.00 price target (up from $323.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. Piper Sandler restated an "overweight" rating on shares of Praxis Precision Medicines in a report on Monday, July 13th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $575.00 target price (up from $470.00) on shares of Praxis Precision Medicines in a research report on Friday, August 21st. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $462.00 target price (up from $449.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $613.26.

Praxis Precision Medicines Trading Down 2.4%

Shares of PRAX stock traded down $6.74 on Tuesday, reaching $276.82. 181,637 shares of the company's stock were exchanged, compared to its average volume of 461,745. Praxis Precision Medicines has a 52 week low of $50.31 and a 52 week high of $392.70. The stock has a market capitalization of $7.73 billion, a PE ratio of -21.40 and a beta of 2.79. The company's fifty day simple moving average is $332.94 and its 200 day simple moving average is $321.06.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, topping analysts' consensus estimates of ($3.67) by $0.80. As a group, sell-side analysts predict that Praxis Precision Medicines will post -13.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of large investors have recently bought and sold shares of PRAX. Swiss National Bank lifted its position in Praxis Precision Medicines by 15.3% during the first quarter. Swiss National Bank now owns 46,700 shares of the company's stock valued at $15,046,000 after acquiring an additional 6,200 shares during the last quarter. Orbimed Advisors LLC grew its holdings in Praxis Precision Medicines by 82.5% in the first quarter. Orbimed Advisors LLC now owns 172,500 shares of the company's stock worth $55,578,000 after purchasing an additional 78,000 shares during the last quarter. Fifth Third Bancorp acquired a new position in shares of Praxis Precision Medicines during the first quarter worth $1,156,000. Seven Fleet Capital Management LP purchased a new stake in shares of Praxis Precision Medicines during the 2nd quarter valued at $2,524,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Praxis Precision Medicines in the 2nd quarter worth $2,698,000. 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.