Praxis Precision Medicines (NASDAQ:PRAX) Receives Sell (D-) Rating from Weiss Ratings

Key Points

• Praxis Precision Medicines received a "Sell (D-)" rating from Weiss Ratings, indicating a negative outlook from some analysts.
• Despite the unfavorable rating from Weiss, other analysts, including Jefferies and Needham & Company, maintain "Buy" ratings with price targets as high as $115.00.
• The company's stock price has fluctuated between a 12-month low of $26.70 and a high of $91.83, currently trading at approximately $54.29.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "sell (d-)" rating reissued by research analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

Several other equities analysts also recently issued reports on PRAX. Jefferies Financial Group restated a "buy" rating on shares of Praxis Precision Medicines in a research note on Tuesday, September 2nd. Needham & Company LLC restated a "buy" rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, June 12th. Chardan Capital restated a "buy" rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, July 29th. Lifesci Capital upgraded shares of Praxis Precision Medicines to a "strong-buy" rating in a research note on Wednesday, September 3rd. Finally, Oppenheimer upped their price objective on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, Praxis Precision Medicines presently has an average rating of "Moderate Buy" and an average target price of $85.56.

Praxis Precision Medicines Trading Up 4.3%

Shares of PRAX stock opened at $54.29 on Wednesday. The firm has a fifty day moving average price of $47.33 and a 200 day moving average price of $43.30. The company has a market cap of $1.14 billion, a P/E ratio of -4.42 and a beta of 2.62. Praxis Precision Medicines has a 12 month low of $26.70 and a 12 month high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported ($3.31) EPS for the quarter, topping analysts' consensus estimates of ($3.40) by $0.09. On average, equities analysts forecast that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its holdings in Praxis Precision Medicines by 88.3% during the second quarter. Nisa Investment Advisors LLC now owns 629 shares of the company's stock worth $26,000 after purchasing an additional 295 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company's stock worth $77,000 after purchasing an additional 359 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Praxis Precision Medicines by 6.4% during the second quarter. State Board of Administration of Florida Retirement System now owns 6,425 shares of the company's stock worth $270,000 after purchasing an additional 385 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Praxis Precision Medicines by 5.1% in the first 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 in the last quarter. Finally, CWM LLC increased its holdings in Praxis Precision Medicines by 877.9% in the second quarter. CWM LLC now owns 753 shares of the company's stock valued at $32,000 after buying an additional 676 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.

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