Needham & Company LLC Reiterates Buy Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They currently have a $151.00 target price on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 93.90% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Guggenheim lifted their price objective on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. HC Wainwright reiterated a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday. Oppenheimer lifted their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Finally, Wedbush raised their target price on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $146.33.

Praxis Precision Medicines Stock Up 3.4 %

Shares of NASDAQ PRAX traded up $2.53 during mid-day trading on Thursday, reaching $77.88. 317,650 shares of the company were exchanged, compared to its average volume of 279,787. The company’s 50-day simple moving average is $64.68 and its 200-day simple moving average is $54.08. The stock has a market capitalization of $1.38 billion, a P/E ratio of -7.56 and a beta of 2.67. Praxis Precision Medicines has a twelve month low of $13.01 and a twelve month high of $78.08.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.38) by $0.64. The company had revenue of $0.36 million during the quarter, compared to analysts’ expectations of $1.44 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 63.06%. As a group, equities research analysts expect that Praxis Precision Medicines will post -8.5 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently made changes to their positions in PRAX. BNP Paribas Financial Markets bought a new stake in shares of Praxis Precision Medicines during the 1st quarter valued at approximately $412,000. SG Americas Securities LLC acquired a new stake in Praxis Precision Medicines during the 1st quarter worth approximately $150,000. Vanguard Group Inc. boosted its position in Praxis Precision Medicines by 100.6% during the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after buying an additional 373,131 shares during the period. Boulder Hill Capital Management LP acquired a new stake in Praxis Precision Medicines during the 1st quarter worth approximately $256,000. Finally, StemPoint Capital LP acquired a new stake in Praxis Precision Medicines during the 1st quarter worth approximately $1,641,000. 67.84% of the stock is owned by institutional investors.

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.