Praxis Precision Medicines (NASDAQ:PRAX) Now Covered by Analysts at Oppenheimer

Equities research analysts at Oppenheimer started coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) in a research note issued on Monday, MarketBeat Ratings reports. The brokerage set an "outperform" rating and a $97.00 price target on the stock. Oppenheimer's price target points to a potential upside of 135.44% from the stock's previous close.

PRAX has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a "buy" rating and a $111.00 price objective on the stock. Robert W. Baird lowered their price objective on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Needham & Company LLC reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, May 5th. Truist Financial lowered 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. Finally, Chardan Capital began coverage on shares of Praxis Precision Medicines in a research note on Wednesday, May 7th. They issued a "buy" rating and a $80.00 price objective on the stock. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company's stock. 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 Stock Performance

Shares of PRAX stock traded up $1.38 during midday trading on Monday, reaching $41.20. 243,916 shares of the company were exchanged, compared to its average volume of 385,656. Praxis Precision Medicines has a 12 month low of $26.70 and a 12 month high of $91.83. The company has a market cap of $839.20 million, a P/E ratio of -4.00 and a beta of 2.65. The company's 50 day moving average price is $35.66 and its two-hundred day moving average price is $56.69.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) EPS 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.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Arizona State Retirement System increased its position in shares of Praxis Precision Medicines by 4.2% in the fourth quarter. Arizona State Retirement System now owns 3,851 shares of the company's stock worth $296,000 after acquiring an additional 156 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Praxis Precision Medicines by 2.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,135 shares of the company's stock worth $856,000 after purchasing an additional 258 shares during the period. California State Teachers Retirement System boosted its holdings in shares of Praxis Precision Medicines by 2.2% during the fourth quarter. California State Teachers Retirement System now owns 12,726 shares of the company's stock worth $979,000 after purchasing an additional 275 shares during the period. GF Fund Management CO. LTD. acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth approximately $30,000. Finally, MetLife Investment Management LLC boosted its holdings in shares of Praxis Precision Medicines by 5.4% during the fourth quarter. MetLife Investment Management LLC now owns 10,675 shares of the company's stock worth $822,000 after purchasing an additional 544 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.