Chardan Capital Initiates Coverage on Praxis Precision Medicines (NASDAQ:PRAX)

Research analysts at Chardan Capital assumed coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) in a note issued to investors on Wednesday, MarketBeat reports. The firm set a "buy" rating and a $80.00 price target on the stock. Chardan Capital's price target points to a potential upside of 108.60% from the company's current price.

PRAX has been the topic of a number of other research reports. Truist Financial reduced their price objective on 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. Robert W. Baird reduced their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Praxis Precision Medicines in a research report on Tuesday, February 11th. They issued a "buy" rating and a $111.00 price objective for the company. Needham & Company LLC reissued a "buy" rating and set a $80.00 target price on shares of Praxis Precision Medicines in a research report on Monday. Finally, HC Wainwright reaffirmed a "buy" rating and set a $105.00 price target on shares of Praxis Precision Medicines in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Praxis Precision Medicines currently has a consensus rating of "Moderate Buy" and a consensus price target of $116.50.

Praxis Precision Medicines Price Performance

NASDAQ:PRAX traded up $0.29 during mid-day trading on Wednesday, reaching $38.35. The company's stock had a trading volume of 250,805 shares, compared to its average volume of 390,109. The stock has a market cap of $781.15 million, a P/E ratio of -3.72 and a beta of 2.65. The company's fifty day simple moving average is $35.62 and its two-hundred day simple moving average is $60.92. 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 released its earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($3.20) by ($0.09). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. Sell-side analysts expect that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently bought and sold shares of PRAX. GF Fund Management CO. LTD. bought a new stake in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Praxis Precision Medicines in the 4th quarter valued at approximately $48,000. GAMMA Investing LLC raised its stake in Praxis Precision Medicines by 6,075.4% during the 1st quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock valued at $152,000 after acquiring an additional 3,949 shares in the last quarter. Graham Capital Management L.P. acquired a new position in Praxis Precision Medicines during the 4th quarter worth $209,000. Finally, KLP Kapitalforvaltning AS acquired a new position in Praxis Precision Medicines during the 4th quarter worth $215,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.