Piper Sandler Reaffirms “Overweight” Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Piper Sandler reaffirmed their overweight rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report issued on Monday morning, Benzinga reports. Piper Sandler currently has a $270.00 target price on the stock.

Several other analysts also recently commented on the stock. HC Wainwright reaffirmed a buy rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, May 14th. Guggenheim assumed coverage on shares of Praxis Precision Medicines in a research report on Tuesday, June 18th. They set a buy rating and a $155.00 price objective for the company. Truist Financial reaffirmed a buy rating and set a $150.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, May 16th. Jefferies Financial Group raised their price objective on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a buy rating in a research report on Tuesday, March 26th. Finally, Needham & Company LLC assumed coverage on shares of Praxis Precision Medicines in a research report on Monday, June 24th. They set a buy rating and a $145.00 price objective for the company. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Praxis Precision Medicines has an average rating of Moderate Buy and an average target price of $137.38.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock opened at $40.00 on Monday. Praxis Precision Medicines has a 52-week low of $12.75 and a 52-week high of $67.21. The firm has a 50 day moving average price of $44.69 and a two-hundred day moving average price of $43.93. The firm has a market cap of $684.40 million, a price-to-earnings ratio of -2.52 and a beta of 2.74.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Monday, May 13th. The company reported ($2.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.01) by ($0.83). Praxis Precision Medicines had a negative return on equity of 101.99% and a negative net margin of 5,711.85%. The firm had revenue of $0.43 million for the quarter, compared to the consensus estimate of $2.75 million. As a group, equities research analysts predict that Praxis Precision Medicines will post -10.13 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Hedge funds have recently bought and sold shares of the business. Simplex Trading LLC acquired a new stake in Praxis Precision Medicines in the 4th quarter valued at $31,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Praxis Precision Medicines by 45.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock worth $96,000 after acquiring an additional 17,428 shares during the last quarter. Citigroup Inc. boosted its holdings in Praxis Precision Medicines by 44,585.5% during the 3rd quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock worth $142,000 after acquiring an additional 82,929 shares during the last quarter. SG Americas Securities LLC purchased a new position in Praxis Precision Medicines during the 1st quarter worth $150,000. Finally, DLD Asset Management LP purchased a new position in Praxis Precision Medicines during the 4th quarter worth $223,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

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.