Praxis Precision Medicines’ (PRAX) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a $582.00 target price on the stock.

A number of other equities analysts have also recently weighed in on the company. Royal Bank Of Canada reissued an “outperform” rating and set a $462.00 price objective (up from $449.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $575.00 target price (up from $470.00) on shares of Praxis Precision Medicines in a research note on Friday, August 21st. Raymond James Financial reiterated a “strong-buy” rating and set a $945.00 price target on shares of Praxis Precision Medicines in a research report on Monday, August 17th. HC Wainwright restated a “buy” rating and issued a $1,201.00 price objective on shares of Praxis Precision Medicines in a report on Thursday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Praxis Precision Medicines in a research note on Monday, August 24th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and a consensus target price of $612.42.

Praxis Precision Medicines Stock Performance

NASDAQ PRAX opened at $280.78 on Thursday. Praxis Precision Medicines has a 52-week low of $48.64 and a 52-week high of $392.70. The company has a fifty day moving average of $336.42 and a 200-day moving average of $321.59. The company has a market capitalization of $7.84 billion, a P/E ratio of -21.72 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.67) by $0.80. As a group, analysts forecast that Praxis Precision Medicines will post -13.92 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Janus Henderson Group PLC boosted its stake in shares of Praxis Precision Medicines by 6.8% during the first quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock valued at $1,113,514,000 after purchasing an additional 218,777 shares during the period. Perceptive Advisors LLC increased its stake in shares of Praxis Precision Medicines by 2.0% in the first quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock worth $655,974,000 after buying an additional 40,000 shares during the period. Baker BROS. Advisors LP increased its stake in shares of Praxis Precision Medicines by 63.4% in the fourth quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock worth $332,021,000 after buying an additional 437,000 shares during the period. Goldman Sachs Group Inc. raised its holdings in Praxis Precision Medicines by 20.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 716,184 shares of the company’s stock valued at $211,088,000 after buying an additional 123,163 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in Praxis Precision Medicines by 2.3% during the 1st quarter. Bank of America Corp DE now owns 534,604 shares of the company’s stock valued at $172,244,000 after buying an additional 11,841 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc (NASDAQ: PRAX) is a biotechnology company focused on developing treatments for central nervous system disorders, including epilepsy, movement disorders and other neurological conditions. The company uses its Precision Genetic Medicine platform, which combines human genetics, functional genomics and neuroscience research to identify disease mechanisms and potential therapeutic targets.

Praxis’ pipeline has included investigational medicines such as ulixacaltamide, a treatment candidate being developed for essential tremor, and elsunersen, an antisense oligonucleotide designed for certain severe genetic epilepsies.