Praxis Precision Medicines’ (PRAX) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report report published on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a $510.00 price objective on the stock.

A number of other brokerages have also commented on PRAX. Wedbush lifted their price target on shares of Praxis Precision Medicines from $95.00 to $130.00 and gave the stock an “underperform” rating in a research note on Friday, February 20th. Oppenheimer restated an “outperform” rating and issued a $750.00 target price (up from $250.00) on shares of Praxis Precision Medicines in a report on Monday, December 15th. Raymond James Financial initiated coverage on shares of Praxis Precision Medicines in a research report on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 target price for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Praxis Precision Medicines in a report on Monday, December 29th. Finally, Wolfe Research assumed coverage on Praxis Precision Medicines in a research note on Monday, February 23rd. They issued an “outperform” rating and a $500.00 price target on the stock. Five equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $589.39.

Praxis Precision Medicines Price Performance

PRAX stock opened at $343.60 on Tuesday. The stock has a market capitalization of $9.57 billion, a P/E ratio of -25.53 and a beta of 2.94. Praxis Precision Medicines has a 1-year low of $28.79 and a 1-year high of $356.00. The business has a fifty day moving average price of $315.20 and a 200-day moving average price of $249.75.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Thursday, February 19th. The company reported ($3.50) EPS for the quarter, missing the consensus estimate of ($3.00) by ($0.50). As a group, analysts anticipate that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. NBC Securities Inc. purchased a new stake in shares of Praxis Precision Medicines in the 4th quarter worth $38,000. Danske Bank A S purchased a new position in Praxis Precision Medicines during the fourth quarter valued at $59,000. GAMMA Investing LLC lifted 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 valued at $70,000 after purchasing an additional 88 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in Praxis Precision Medicines by 60.0% during the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock valued at $108,000 after purchasing an additional 138 shares during the period. Finally, GF Fund Management CO. LTD. grew its holdings in Praxis Precision Medicines by 8.2% during the fourth quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock valued at $144,000 after purchasing an additional 37 shares during the period. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

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.