Praxis Precision Medicines (NASDAQ:PRAX) Receives Buy Rating from Needham & Company LLC

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating restated by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $80.00 target price on the stock. Needham & Company LLC's target price indicates a potential upside of 80.59% from the company's previous close.

Other research analysts also recently issued research reports about the stock. HC Wainwright restated a "buy" rating and set 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 research report on Monday, June 2nd. Wedbush upped their price target on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a research report on Monday, May 5th. Chardan Capital began coverage on shares of Praxis Precision Medicines in a research report on Wednesday, May 7th. They set a "buy" rating and a $80.00 price target for the company. Finally, Robert W. Baird cut their price objective on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $109.90.

Praxis Precision Medicines Trading Down 1.6%

Shares of Praxis Precision Medicines stock traded down $0.73 during trading hours on Thursday, reaching $44.30. The stock had a trading volume of 178,016 shares, compared to its average volume of 389,049. The stock's 50 day moving average is $37.25 and its 200 day moving average is $54.69. The firm has a market capitalization of $902.35 million, a PE ratio of -4.30 and a beta of 2.60. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The company reported ($3.29) earnings per share for the quarter, missing analysts' consensus estimates 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, sell-side analysts predict that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers boosted its position in shares of Praxis Precision Medicines by 6.7% during the 1st quarter. Rhumbline Advisers now owns 24,294 shares of the company's stock worth $920,000 after purchasing an additional 1,525 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Praxis Precision Medicines by 367.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company's stock valued at $3,298,000 after buying an additional 68,466 shares during the period. Woodline Partners LP boosted its position in Praxis Precision Medicines by 1,666.5% in the 1st quarter. Woodline Partners LP now owns 175,727 shares of the company's stock valued at $6,655,000 after buying an additional 165,779 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Praxis Precision Medicines by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company's stock valued at $444,000 after buying an additional 573 shares during the period. Finally, Cormorant Asset Management LP boosted its position in Praxis Precision Medicines by 3.1% in the 1st quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company's stock valued at $66,083,000 after buying an additional 51,781 shares during the period. Hedge funds and other institutional investors own 67.84% of the company's stock.

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.