Praxis Precision Medicines (NASDAQ:PRAX) Given New $120.00 Price Target at HC Wainwright

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective increased by HC Wainwright from $105.00 to $120.00 in a report issued on Thursday morning, Benzinga reports. They currently have a buy rating on the stock. HC Wainwright also issued estimates for Praxis Precision Medicines’ Q3 2024 earnings at ($1.74) EPS, Q4 2024 earnings at ($1.87) EPS, FY2024 earnings at ($8.19) EPS, Q1 2025 earnings at ($2.02) EPS, Q3 2025 earnings at ($2.86) EPS, FY2025 earnings at ($10.53) EPS, FY2026 earnings at ($11.77) EPS, FY2027 earnings at ($5.91) EPS and FY2028 earnings at $3.66 EPS.

Other equities research analysts have also issued reports about the stock. Wedbush boosted their price objective 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. Robert W. Baird assumed coverage on Praxis Precision Medicines in a report on Wednesday, May 1st. They issued an outperform rating and a $117.00 price objective on the stock. Guggenheim lifted their target price on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a buy rating in a report on Wednesday, August 14th. Needham & Company LLC reiterated a buy rating and issued a $145.00 target price on shares of Praxis Precision Medicines in a research report on Monday, August 12th. Finally, Piper Sandler reissued an overweight rating and set a $270.00 price target on shares of Praxis Precision Medicines in a research report on Monday, July 1st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Praxis Precision Medicines has a consensus rating of Moderate Buy and a consensus target price of $142.44.

Praxis Precision Medicines Stock Down 3.0 %

PRAX stock opened at $52.85 on Thursday. The stock has a market capitalization of $938.62 million, a PE ratio of -3.33 and a beta of 2.73. Praxis Precision Medicines has a 52 week low of $13.01 and a 52 week high of $67.21. The firm has a 50 day moving average of $48.01 and a 200 day moving average of $48.89.

Hedge Funds Weigh In On Praxis Precision Medicines

Several large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD acquired a new stake in Praxis Precision Medicines during the first quarter valued at $32,707,000. Vanguard Group Inc. increased its stake in shares of Praxis Precision Medicines by 100.6% in the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after purchasing an additional 373,131 shares in the last quarter. Janus Henderson Group PLC acquired a new position in Praxis Precision Medicines in the 1st quarter worth about $18,878,000. Wildcat Capital Management LLC purchased a new position in Praxis Precision Medicines during the fourth quarter worth approximately $373,000. Finally, SG Americas Securities LLC acquired a new stake in Praxis Precision Medicines in the first quarter valued at approximately $150,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.