Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Expected to Rise, Oppenheimer Analyst Says

Praxis Precision Medicines (NASDAQ:PRAX - Free Report) had its target price increased by Oppenheimer from $97.00 to $115.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other analysts have also recently commented on the stock. Wedbush upped their target price on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a report on Monday, May 5th. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 target price on shares of Praxis Precision Medicines in a report on Thursday, June 12th. HC Wainwright reaffirmed a "buy" rating and set a $105.00 target price on shares of Praxis Precision Medicines in a report on Thursday, May 1st. Finally, Chardan Capital started coverage on shares of Praxis Precision Medicines in a report on Wednesday, May 7th. They set a "buy" rating and a $80.00 target price for the company. One analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Praxis Precision Medicines currently has an average rating of "Moderate Buy" and an average price target of $94.11.

Praxis Precision Medicines Stock Performance

Shares of PRAX traded down $0.13 during mid-day trading on Tuesday, hitting $50.18. 215,490 shares of the company traded hands, compared to its average volume of 368,428. The stock has a 50-day moving average price of $41.59 and a two-hundred day moving average price of $51.28. Praxis Precision Medicines has a 1 year low of $26.70 and a 1 year high of $91.83. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -4.69 and a beta of 2.60.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The company reported ($3.29) earnings per share for the quarter, missing the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative net margin of 2,137.48% and a negative return on equity of 50.42%. On average, analysts forecast 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 and other institutional investors have recently modified their holdings of PRAX. GF Fund Management CO. LTD. bought a new position in shares of Praxis Precision Medicines during the fourth quarter worth $30,000. GAMMA Investing LLC boosted its position in shares of Praxis Precision Medicines by 6,075.4% during the first quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock worth $152,000 after acquiring an additional 3,949 shares during the last quarter. Graham Capital Management L.P. bought a new position in shares of Praxis Precision Medicines during the fourth quarter worth $209,000. KLP Kapitalforvaltning AS bought a new position in shares of Praxis Precision Medicines during the fourth quarter worth $215,000. Finally, Envestnet Asset Management Inc. bought a new position in shares of Praxis Precision Medicines during the fourth quarter worth $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.