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

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports. They currently have a $582.00 target price on the stock. Needham & Company LLC’s price target would indicate a potential upside of 99.84% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Truist Financial set a $616.00 price objective on shares of Praxis Precision Medicines and gave the stock a “buy” rating in a report on Tuesday, June 2nd. HC Wainwright reissued a “buy” rating and issued a $1,201.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, September 24th. Royal Bank Of Canada restated an “outperform” rating and set a $462.00 price target (up from $449.00) on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Wall Street Zen upgraded Praxis Precision Medicines from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $575.00 price objective (up from $470.00) on shares of Praxis Precision Medicines in a research note on Friday, August 21st. Three research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $612.42.

Praxis Precision Medicines Trading Up 3.6%

PRAX traded up $10.23 on Thursday, hitting $291.23. The company had a trading volume of 710,554 shares, compared to its average volume of 463,501. The company’s fifty day moving average price is $335.31 and its 200 day moving average price is $321.40. Praxis Precision Medicines has a 1 year low of $50.31 and a 1 year high of $392.70. The firm has a market cap of $8.13 billion, a P/E ratio of -22.52 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, topping the consensus estimate of ($3.67) by $0.80. On average, analysts predict that Praxis Precision Medicines will post -13.92 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its stake in Praxis Precision Medicines by 10.3% during the 2nd quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock worth $111,000 after purchasing an additional 31 shares in the last quarter. KBC Group NV grew its holdings in Praxis Precision Medicines by 5.8% during the 1st quarter. KBC Group NV now owns 715 shares of the company’s stock worth $230,000 after acquiring an additional 39 shares in the last quarter. Carl P. Sherr & Co. LLC grew its holdings in Praxis Precision Medicines by 8.4% during the 1st quarter. Carl P. Sherr & Co. LLC now owns 972 shares of the company’s stock worth $313,000 after acquiring an additional 75 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Praxis Precision Medicines during the second quarter worth $38,000. Finally, Parallel Advisors LLC increased its holdings in shares of Praxis Precision Medicines by 3,000.0% in the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock valued at $40,000 after acquiring an additional 120 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for central nervous system disorders. The company uses insights from human genetics, neuroscience and its Cerebrum™ platform to identify and advance medicines for conditions in which existing treatment options may be limited.

Praxis’ pipeline has included investigational treatments for epilepsies and other neurological disorders, including developmental and epileptic encephalopathies, essential tremor and movement-related conditions.