Chardan Capital Reiterates Buy Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Key Points

• Chardan Capital has reaffirmed a "Buy" rating for Praxis Precision Medicines (NASDAQ:PRAX) with a price target of $80.00, suggesting a potential upside of 43.76% from the current price.
• Prax's stock is currently down 6.0%, trading at $55.65, and has a market capitalization of $1.13 billion.
• The company has a consensus rating of "Moderate Buy" from analysts, with a collective price target of $94.11.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at Chardan Capital in a research note issued on Tuesday,Benzinga reports. They currently have a $80.00 price target on the stock. Chardan Capital's price target points to a potential upside of 47.90% from the stock's previous close.

Several other analysts have also recently issued reports on PRAX. Oppenheimer increased their price target on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Needham & Company LLC reissued a "buy" rating and set a $80.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, June 12th. Wedbush lifted their price objective on Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a research note on Monday, May 5th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $105.00 target price on shares of Praxis Precision Medicines in a report on Friday, July 18th. One research analyst has rated the stock with a sell rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $94.11.

Praxis Precision Medicines Stock Down 0.2%

Shares of PRAX traded down $0.13 during trading on Tuesday, reaching $54.09. 637,762 shares of the company traded hands, compared to its average volume of 440,613. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $91.83. The stock has a market cap of $1.10 billion, a PE ratio of -5.05 and a beta of 2.60. The stock has a 50-day simple moving average of $46.72 and a 200-day simple moving average of $49.17.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share for the quarter, missing analysts' consensus estimates of ($3.20) by ($0.09). Praxis Precision Medicines had a negative net margin of 2,137.48% and a negative return on equity of 50.42%. On average, equities research analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds have recently modified their holdings of the business. GF Fund Management CO. LTD. purchased a new position in Praxis Precision Medicines in the 4th quarter valued at $30,000. Nisa Investment Advisors LLC lifted its holdings in Praxis Precision Medicines by 88.3% in the second quarter. Nisa Investment Advisors LLC now owns 629 shares of the company's stock valued at $26,000 after acquiring an additional 295 shares during the period. CWM LLC lifted its holdings in Praxis Precision Medicines by 877.9% in the second quarter. CWM LLC now owns 753 shares of the company's stock valued at $32,000 after acquiring an additional 676 shares during the period. Graham Capital Management L.P. acquired a new stake in Praxis Precision Medicines in the fourth quarter valued at $209,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Praxis Precision Medicines in the fourth quarter valued at $215,000. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.