Praxis Precision Medicines' (PRAX) "Buy" Rating Reaffirmed at Needham & Company LLC

Key Points

• Needham & Company reaffirmed a "Buy" on Praxis with a $510 price target (about 48.7% upside), and MarketBeat shows a broadly bullish analyst consensus with an average target of $589.39 and mostly Buy/Strong Buy ratings.
• Shares jumped 8.2% to $342.94 (market cap ~$9.55B) amid analyst optimism, but the company is unprofitable—reporting a quarterly loss of $3.50 per share and a forecasted -10.22 EPS for the year—highlighting significant upside potential and high risk/volatility.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating restated by Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They presently have a $510.00 price objective on the stock. Needham & Company LLC's target price would suggest a potential upside of 48.71% from the stock's previous close.

Several other analysts also recently issued reports on the company. Piper Sandler restated an "overweight" rating and set a $1,200.00 price objective (up from $450.00) on shares of Praxis Precision Medicines in a report on Wednesday, January 28th. Oppenheimer restated an "outperform" rating and set a $750.00 price objective (up from $250.00) on shares of Praxis Precision Medicines in a report on Monday, December 15th. HC Wainwright restated a "buy" rating and set a $1,245.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, April 7th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $412.00 price objective on shares of Praxis Precision Medicines in a report on Friday, February 20th. Finally, TD Cowen restated a "buy" rating on shares of Praxis Precision Medicines in a report on Thursday, January 29th. Five investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Praxis Precision Medicines presently has an average rating of "Buy" and an average target price of $589.39.

Praxis Precision Medicines Trading Up 8.2%

PRAX stock traded up $25.94 during trading on Tuesday, hitting $342.94. The company had a trading volume of 194,210 shares, compared to its average volume of 467,417. The firm has a market capitalization of $9.55 billion, a price-to-earnings ratio of -25.38 and a beta of 2.94. The business has a 50 day moving average of $314.54 and a 200 day moving average of $247.70. Praxis Precision Medicines has a fifty-two week low of $28.79 and a fifty-two week high of $356.00.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings data on Thursday, February 19th. The company reported ($3.50) earnings per share for the quarter, missing the consensus estimate of ($3.00) by ($0.50). As a group, equities analysts predict 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 have recently added to or reduced their stakes in PRAX. NBC Securities Inc. bought a new stake in Praxis Precision Medicines during the fourth quarter worth approximately $38,000. Danske Bank A S bought a new stake in Praxis Precision Medicines during the fourth quarter worth approximately $59,000. GAMMA Investing LLC boosted its position in Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company's stock worth $70,000 after purchasing an additional 88 shares during the period. Tower Research Capital LLC TRC boosted its position 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 during the period. Finally, AlphaQuest LLC boosted its position in Praxis Precision Medicines by 1,623.3% during the third quarter. AlphaQuest LLC now owns 1,999 shares of the company's stock worth $106,000 after purchasing an additional 1,883 shares during the period. Institutional investors and hedge funds own 67.84% of the company's stock.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company's pipeline includes several lead candidates at various stages of development.

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