Robert W. Baird Initiates Coverage on Praxis Precision Medicines (NASDAQ:PRAX)

Robert W. Baird began coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX - Free Report) in a research note issued to investors on Wednesday, MarketBeat reports. The brokerage issued an outperform rating and a $117.00 price target on the stock.

PRAX has been the topic of several other reports. Wedbush raised their price objective on Praxis Precision Medicines from $16.00 to $29.00 and gave the company a neutral rating in a research note on Friday, January 12th. Jefferies Financial Group increased their target price on Praxis Precision Medicines from $75.00 to $128.00 and gave the company a buy rating in a research report on Tuesday, March 26th. Finally, HC Wainwright reiterated a buy rating and issued a $105.00 target price on shares of Praxis Precision Medicines in a research report on Friday, April 26th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Praxis Precision Medicines currently has an average rating of Moderate Buy and a consensus target price of $105.80.

Praxis Precision Medicines Stock Up 0.5 %

Shares of PRAX traded up $0.29 during trading hours on Wednesday, hitting $55.16. 216,423 shares of the company were exchanged, compared to its average volume of 218,716. The company has a market cap of $730.21 million, a price-to-earnings ratio of -2.32 and a beta of 2.89. Praxis Precision Medicines has a fifty-two week low of $12.45 and a fifty-two week high of $67.21. The firm's fifty day moving average is $52.57 and its 200 day moving average is $35.21.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.05) by $0.08. The company had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.30 million. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%. Analysts anticipate that Praxis Precision Medicines will post -8.64 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds have recently made changes to their positions in the stock. Simplex Trading LLC bought a new position in shares of Praxis Precision Medicines during the fourth quarter worth about $31,000. Windmill Hill Asset Management Ltd bought a new position in shares of Praxis Precision Medicines during the first quarter worth about $321,000. BNP Paribas Financial Markets bought a new position in shares of Praxis Precision Medicines during the first quarter worth about $412,000. DLD Asset Management LP bought a new position in shares of Praxis Precision Medicines during the fourth quarter worth about $223,000. Finally, PCG Wealth Advisors LLC bought a new position in shares of Praxis Precision Medicines during the first quarter worth about $788,000. 67.84% of the stock is currently owned by 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.