Oppenheimer Reiterates Outperform Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “outperform” rating reaffirmed by analysts at Oppenheimer in a research note issued on Wednesday, Benzinga reports. They presently have a $134.00 target price on the stock. Oppenheimer’s price objective indicates a potential upside of 158.94% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. HC Wainwright reiterated a “buy” rating and set a $105.00 target price on shares of Praxis Precision Medicines in a research note on Tuesday, May 14th. Truist Financial reissued a “buy” rating and set a $150.00 price target on shares of Praxis Precision Medicines in a report on Thursday, May 16th. Robert W. Baird assumed coverage on shares of Praxis Precision Medicines in a report on Wednesday, May 1st. They issued an “outperform” rating and a $117.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $145.00 target price on shares of Praxis Precision Medicines in a report on Monday. Finally, Wedbush increased 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. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $140.78.

Praxis Precision Medicines Stock Performance

NASDAQ PRAX traded down $0.49 during trading hours on Wednesday, hitting $51.75. The company had a trading volume of 151,527 shares, compared to its average volume of 280,538. Praxis Precision Medicines has a 1-year low of $13.01 and a 1-year high of $67.21. The company has a market cap of $885.44 million, a PE ratio of -3.26 and a beta of 2.73. The business has a 50 day moving average of $47.41 and a 200-day moving average of $48.64.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Monday, May 13th. The company reported ($2.84) earnings per share 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 business had revenue of $0.43 million for the quarter, compared to analyst estimates of $2.75 million. Sell-side analysts expect that Praxis Precision Medicines will post -10.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Amalgamated Bank acquired a new position in shares of Praxis Precision Medicines during the 2nd quarter valued at $25,000. Simplex Trading LLC acquired a new position in shares of Praxis Precision Medicines during the 4th quarter valued at $31,000. SG Americas Securities LLC acquired a new position in shares of Praxis Precision Medicines during the 1st quarter valued at $150,000. Victory Capital Management Inc. lifted its holdings in shares of Praxis Precision Medicines by 25.0% during the 4th quarter. Victory Capital Management Inc. now owns 15,705 shares of the company’s stock valued at $350,000 after acquiring an additional 3,137 shares in the last quarter. Finally, Kingdon Capital Management L.L.C. lifted its holdings in shares of Praxis Precision Medicines by 1.0% during the 1st quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock valued at $21,357,000 after acquiring an additional 3,335 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.