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

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at HC Wainwright in a research note issued on Thursday, Benzinga reports. They currently have a $1,201.00 price target on the stock. HC Wainwright's target price indicates a potential upside of 377.89% from the stock's current price.

PRAX has been the topic of a number of other reports. Piper Sandler reiterated an "overweight" rating on shares of Praxis Precision Medicines in a report on Monday, July 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Praxis Precision Medicines in a report on Monday, August 24th. Raymond James Financial reiterated a "strong-buy" rating and issued a $945.00 price objective on shares of Praxis Precision Medicines in a report on Monday, August 17th. BTIG Research lifted their price objective on shares of Praxis Precision Medicines from $810.00 to $826.00 and gave the company a "buy" rating in a report on Tuesday, October 6th. Finally, Wall Street Zen upgraded shares of Praxis Precision Medicines from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Praxis Precision Medicines presently has an average rating of "Moderate Buy" and an average price target of $630.42.

Praxis Precision Medicines Stock Performance

PRAX stock traded up $9.55 during mid-day trading on Thursday, hitting $251.31. 92,803 shares of the company were exchanged, compared to its average volume of 466,154. The firm has a market cap of $7.02 billion, a P/E ratio of -19.44 and a beta of 2.79. The firm's 50 day simple moving average is $321.69 and its 200 day simple moving average is $318.60. Praxis Precision Medicines has a 1-year low of $154.45 and a 1-year high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, topping the consensus estimate of ($3.67) by $0.80. On average, equities research analysts predict that Praxis Precision Medicines will post -13.90 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its holdings in Praxis Precision Medicines by 6.8% during the first quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company's stock worth $1,113,514,000 after buying an additional 218,777 shares during the last quarter. Perceptive Advisors LLC increased its holdings in Praxis Precision Medicines by 2.0% during the first quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company's stock worth $655,974,000 after buying an additional 40,000 shares during the last quarter. Baker BROS. Advisors LP increased its holdings in Praxis Precision Medicines by 63.4% during the fourth quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company's stock worth $332,021,000 after buying an additional 437,000 shares during the last quarter. Bank of America Corp DE increased its holdings in Praxis Precision Medicines by 2.3% during the first quarter. Bank of America Corp DE now owns 534,604 shares of the company's stock worth $172,244,000 after buying an additional 11,841 shares during the last quarter. Finally, Vivo Capital LLC increased its holdings in Praxis Precision Medicines by 3.0% during the first quarter. Vivo Capital LLC now owns 338,895 shares of the company's stock worth $109,189,000 after buying an additional 10,000 shares during the last quarter. 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 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.