Praxis Precision Medicines (NASDAQ:PRAX) Given Buy Rating at Needham & Company LLC

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They currently have a $85.00 target price on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 175.53% from the stock’s previous close.

Other analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft initiated coverage on Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a “buy” rating and a $111.00 target price for the company. Truist Financial reduced their target price on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. HC Wainwright lowered their price target on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Robert W. Baird reduced their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Finally, Wedbush lowered Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research note on Friday, February 28th. One equities research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Praxis Precision Medicines has an average rating of “Moderate Buy” and an average price target of $123.33.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX opened at $30.85 on Tuesday. The company’s fifty day moving average price is $52.92 and its 200-day moving average price is $65.46. The firm has a market capitalization of $622.03 million, a price-to-earnings ratio of -3.00 and a beta of 2.66. Praxis Precision Medicines has a one year low of $26.70 and a one year high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Friday, February 28th. The company reported ($2.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The firm had revenue of $7.48 million for the quarter, compared to analysts’ expectations of $0.36 million. As a group, equities research analysts expect that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several institutional investors and hedge funds have recently bought and sold shares of the business. Assenagon Asset Management S.A. raised its holdings in shares of Praxis Precision Medicines by 5,437.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after acquiring an additional 548,986 shares in the last quarter. Janus Henderson Group PLC increased its position in Praxis Precision Medicines by 77.5% during the 4th quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock valued at $71,621,000 after purchasing an additional 405,957 shares during the period. VR Adviser LLC raised its holdings in Praxis Precision Medicines by 40.2% in the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock worth $76,189,000 after purchasing an additional 283,854 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Praxis Precision Medicines in the 4th quarter worth about $17,454,000. Finally, Franklin Resources Inc. boosted its stake in shares of Praxis Precision Medicines by 85.6% during the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after purchasing an additional 205,335 shares in the last quarter. Hedge funds and other institutional investors 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.