Praxis Precision Medicines' (PRAX) "Buy" Rating Reiterated at HC Wainwright

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating restated by stock analysts at HC Wainwright in a report issued on Friday, Benzinga reports. They presently have a $105.00 price objective on the stock. HC Wainwright's price objective would indicate a potential upside of 91.61% from the company's previous close.

PRAX has been the topic of several other research reports. Jefferies Financial Group lifted their price target on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the company a "buy" rating in a research report on Tuesday, March 26th. Wedbush raised their price objective on Praxis Precision Medicines from $16.00 to $29.00 and gave the stock a "neutral" rating in a report on Friday, January 12th.

Praxis Precision Medicines Trading Up 3.6 %

Shares of PRAX stock traded up $1.92 during trading hours on Friday, reaching $54.80. The company's stock had a trading volume of 140,175 shares, compared to its average volume of 220,081. The firm's fifty day simple moving average is $51.97 and its 200 day simple moving average is $34.54. The stock has a market capitalization of $725.44 million, a P/E ratio of -2.32 and a beta of 2.89. Praxis Precision Medicines has a one year low of $12.45 and a one year high of $67.21.

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

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds have recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. grew its stake in shares of Praxis Precision Medicines by 10.7% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company's stock worth $15,014,000 after acquiring an additional 849,362 shares during the period. Silverarc Capital Management LLC increased its position in shares of Praxis Precision Medicines by 18.5% during the third quarter. Silverarc Capital Management LLC now owns 4,117,920 shares of the company's stock valued at $7,042,000 after acquiring an additional 641,758 shares in the last quarter. CIBC Asset Management Inc lifted its stake in shares of Praxis Precision Medicines by 19.3% in the 3rd quarter. CIBC Asset Management Inc now owns 1,825,910 shares of the company's stock worth $3,122,000 after purchasing an additional 295,425 shares during the period. Acuta Capital Partners LLC lifted its position in shares of Praxis Precision Medicines by 5.5% in the third quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company's stock valued at $7,669,000 after acquiring an additional 235,000 shares in the last quarter. Finally, Citigroup Inc. grew its stake in shares of Praxis Precision Medicines by 44,585.5% in the 3rd quarter. Citigroup Inc. now owns 83,115 shares of the company's stock worth $142,000 after buying an additional 82,929 shares in the last quarter. 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.