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

Key Points

• HC Wainwright has increased the price target for Praxis Precision Medicines (NASDAQ:PRAX) from $105 to $115, indicating a potential upside of 125.09% from its previous close.
• Despite the bullish forecast from HC Wainwright, analysts' ratings for the stock vary, with one analyst issuing a sell rating while eight others have given it a buy rating.
• Praxis Precision Medicines reported a loss of ($3.31) earnings per share for the most recent quarter but surpassed analysts' estimates by $0.09.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating restated by research analysts at HC Wainwright in a report issued on Tuesday, MarketBeat.com reports. They currently have a $115.00 price target on the stock, up from their previous price target of $105.00. HC Wainwright's price target suggests a potential upside of 140.64% from the company's current price. HC Wainwright also issued estimates for Praxis Precision Medicines' FY2029 earnings at $21.43 EPS.

PRAX has been the topic of several other reports. Needham & Company LLC restated a "buy" rating and set a $80.00 target price on shares of Praxis Precision Medicines in a report on Thursday, June 12th. Wedbush upped their price objective on Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a report on Monday, May 5th. Chardan Capital reiterated a "buy" rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, July 29th. Finally, Oppenheimer upped their price objective on Praxis Precision Medicines from $97.00 to $115.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Praxis Precision Medicines currently has a consensus rating of "Moderate Buy" and an average price target of $95.22.

Praxis Precision Medicines Stock Performance

Shares of PRAX opened at $47.79 on Tuesday. The stock has a 50-day moving average of $47.56 and a two-hundred day moving average of $48.66. The stock has a market cap of $973.48 million, a P/E ratio of -3.89 and a beta of 2.62. Praxis Precision Medicines has a one year low of $26.70 and a one year high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported ($3.31) earnings per share for the quarter, beating the consensus estimate of ($3.40) by $0.09. Praxis Precision Medicines had a negative return on equity of 59.42% and a negative net margin of 2,137.48%. Analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

A number of large investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. purchased a new position in shares of Praxis Precision Medicines during the fourth quarter worth about $30,000. Nisa Investment Advisors LLC lifted its position 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 purchasing an additional 295 shares during the period. CWM LLC lifted its position in shares of Praxis Precision Medicines by 877.9% during the 2nd 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 shares of Praxis Precision Medicines during the 4th quarter valued at approximately $209,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Praxis Precision Medicines during the 4th quarter worth approximately $215,000. Hedge funds and other institutional investors own 67.84% of the company's stock.

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.