Praxis Precision Medicines (NASDAQ:PRAX) Given "Buy" Rating at Needham & Company LLC

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They currently have a $80.00 price objective on the stock. Needham & Company LLC's price objective would indicate a potential upside of 77.66% from the stock's current price.

Several other research analysts also recently issued reports on PRAX. Wedbush upped their price objective on Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a research note on Monday, May 5th. Robert W. Baird reduced their target price on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. HC Wainwright restated a "buy" rating and issued a $105.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, May 1st. Oppenheimer set a $97.00 price target on shares of Praxis Precision Medicines and gave the stock an "outperform" rating in a report on Monday, June 2nd. Finally, Truist Financial reduced their price objective on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $109.90.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock traded up $0.43 during trading on Thursday, reaching $45.03. 269,809 shares of the company's stock were exchanged, compared to its average volume of 389,276. Praxis Precision Medicines has a 1-year low of $26.70 and a 1-year high of $91.83. The company has a market cap of $917.22 million, a P/E ratio of -4.37 and a beta of 2.60. The firm's 50-day moving average price is $36.66 and its 200 day moving average price is $55.48.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its earnings results on Friday, May 2nd. The company reported ($3.29) EPS for the quarter, missing the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. As a group, equities research analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds have recently bought and sold shares of the company. GF Fund Management CO. LTD. bought a new stake in Praxis Precision Medicines during the fourth quarter valued at $30,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at about $48,000. Graham Capital Management L.P. bought a new stake in Praxis Precision Medicines in the fourth quarter worth approximately $209,000. KLP Kapitalforvaltning AS bought a new stake in Praxis Precision Medicines in the 4th quarter valued at about $215,000. Finally, Envestnet Asset Management Inc. bought a new stake in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $231,000. 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.