Praxis Precision Medicines' (PRAX) "Sell (D-)" Rating Reiterated at Weiss Ratings

Key Points

• Praxis Precision Medicines has had its stock rating reaffirmed as "sell (D-)" by Weiss Ratings, amidst a mixed range of analyst recommendations.
• The stock has seen varying price targets from different analysts, with some rating it as a "strong-buy," while others suggest a "sell," reflecting a consensus rating of "Moderate Buy" with a price target of $222.36.
• Praxis began trading at $173.97 recently, while hedge funds have been actively adjusting their stakes, with significant increases in ownership from several investors.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "sell (d-)" rating reaffirmed by analysts at Weiss Ratings in a report issued on Saturday,Weiss Ratings reports.

PRAX has been the subject of several other reports. Needham & Company LLC lifted their price objective on Praxis Precision Medicines from $80.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday, October 16th. Guggenheim set a $350.00 price objective on Praxis Precision Medicines and gave the stock a "buy" rating in a research report on Thursday, October 16th. Wedbush lifted their price objective on Praxis Precision Medicines from $33.00 to $73.00 and gave the stock an "underperform" rating in a research report on Monday, October 20th. Lifesci Capital raised Praxis Precision Medicines to a "strong-buy" rating in a research report on Wednesday, September 3rd. Finally, HC Wainwright boosted their target price on Praxis Precision Medicines from $115.00 to $232.00 and gave the company a "buy" rating in a research report on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, Praxis Precision Medicines currently has a consensus rating of "Moderate Buy" and a consensus price target of $222.36.

Praxis Precision Medicines Stock Down 2.3%

Shares of NASDAQ:PRAX opened at $173.97 on Friday. The firm has a market cap of $3.68 billion, a P/E ratio of -14.16 and a beta of 2.62. Praxis Precision Medicines has a 12-month low of $26.70 and a 12-month high of $205.89. The business has a fifty day simple moving average of $66.09 and a 200 day simple moving average of $51.02.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported ($3.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.40) by $0.09. As a group, equities research analysts expect 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. Nisa Investment Advisors LLC boosted its stake in shares of Praxis Precision Medicines by 88.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company's stock worth $26,000 after buying an additional 295 shares during the last quarter. CWM LLC boosted its stake in shares of Praxis Precision Medicines by 877.9% in the 2nd quarter. CWM LLC now owns 753 shares of the company's stock worth $32,000 after buying an additional 676 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Praxis Precision Medicines by 24.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company's stock worth $77,000 after buying an additional 359 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Praxis Precision Medicines in the 3rd quarter worth approximately $207,000. Finally, Maven Securities LTD purchased a new position in shares of Praxis Precision Medicines in the 2nd quarter worth approximately $210,000. Institutional investors and hedge funds own 67.84% of the company's stock.

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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