Truist Financial Reaffirms Buy Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at Truist Financial in a research report issued on Thursday, Benzinga reports. They presently have a $150.00 price objective on the stock. Truist Financial's price target would indicate a potential upside of 231.79% from the stock's current price.

Several other equities analysts also recently commented on PRAX. HC Wainwright restated a "buy" rating and set a $105.00 target price on shares of Praxis Precision Medicines in a report on Tuesday. Jefferies Financial Group increased their price objective on Praxis Precision Medicines from $75.00 to $128.00 and gave the company a "buy" rating in a report on Tuesday, March 26th. Finally, Robert W. Baird began coverage on Praxis Precision Medicines in a report on Wednesday, May 1st. They issued an "outperform" rating and a $117.00 target price for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Praxis Precision Medicines currently has a consensus rating of "Moderate Buy" and an average target price of $105.80.

Praxis Precision Medicines Price Performance

NASDAQ:PRAX traded up $1.21 during mid-day trading on Thursday, reaching $45.21. The stock had a trading volume of 499,675 shares, compared to its average volume of 225,089. The stock has a market cap of $773.45 million, a P/E ratio of -2.85 and a beta of 2.87. The business's 50 day moving average is $52.84 and its 200 day moving average is $37.66. Praxis Precision Medicines has a fifty-two week low of $12.45 and a fifty-two week high of $67.21.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Tuesday, March 5th. The company reported ($2.97) EPS for the quarter, topping the consensus estimate of ($3.05) by $0.08. The company had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.30 million. Praxis Precision Medicines had a negative net margin of 5,711.85% and a negative return on equity of 143.53%. Equities analysts expect that Praxis Precision Medicines will post -8.64 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its holdings in Praxis Precision Medicines by 409.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 75,077 shares of the company's stock valued at $128,000 after buying an additional 60,342 shares during the last quarter. Jump Financial LLC bought a new position in Praxis Precision Medicines during the third quarter worth $56,000. Silverarc Capital Management LLC raised its stake 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 valued at $7,042,000 after purchasing an additional 641,758 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Praxis Precision Medicines by 45.0% during the 3rd 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 during the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in Praxis Precision Medicines by 10.7% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company's stock valued at $15,014,000 after purchasing an additional 849,362 shares during the period. 67.84% of the stock is currently owned by institutional investors.

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.