Praxis Precision Medicines (NASDAQ:PRAX) Rating Reiterated by HC Wainwright

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at HC Wainwright in a report released on Tuesday, Benzinga reports. They presently have a $105.00 target price on the stock. HC Wainwright's price objective points to a potential upside of 128.76% from the company's previous close.

A number of other brokerages also recently issued reports on PRAX. Robert W. Baird started coverage on Praxis Precision Medicines in a research report on Wednesday, May 1st. They set an "outperform" rating and a $117.00 price objective for the company. Jefferies Financial Group raised their price target on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a "buy" rating in a report on Tuesday, March 26th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $105.80.

Praxis Precision Medicines Trading Up 1.6 %

NASDAQ:PRAX traded up $0.71 on Tuesday, hitting $45.90. The company had a trading volume of 355,901 shares, compared to its average volume of 216,997. Praxis Precision Medicines has a 52 week low of $12.45 and a 52 week high of $67.21. The stock has a market capitalization of $785.35 million, a price-to-earnings ratio of -1.94 and a beta of 2.87. The firm has a 50 day moving average of $53.35 and a two-hundred day moving average of $37.57.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.05) by $0.08. The business had revenue of $0.52 million during the quarter, compared to analysts' expectations 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%. As a group, equities analysts forecast that Praxis Precision Medicines will post -8.64 EPS for the current year.

Institutional Trading of Praxis Precision Medicines

Several large investors have recently made changes to their positions in PRAX. Bank of New York Mellon Corp increased its holdings in shares of Praxis Precision Medicines by 409.5% during the third quarter. Bank of New York Mellon Corp now owns 75,077 shares of the company's stock valued at $128,000 after acquiring an additional 60,342 shares in the last quarter. CIBC Asset Management Inc lifted its position in 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 valued at $3,122,000 after acquiring an additional 295,425 shares in the last quarter. Jump Financial LLC acquired a new position in Praxis Precision Medicines during the 3rd quarter valued at about $56,000. Silverarc Capital Management LLC increased its holdings in Praxis Precision Medicines by 18.5% during the 3rd quarter. Silverarc Capital Management LLC now owns 4,117,920 shares of the company's stock worth $7,042,000 after purchasing an additional 641,758 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Praxis Precision Medicines by 45.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company's stock valued at $96,000 after purchasing an additional 17,428 shares in 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, 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.