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

Oppenheimer reiterated their outperform rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a $143.00 price objective on the stock, up from their previous price objective of $134.00.

A number of other research firms have also recently commented on PRAX. Guggenheim upped their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a buy rating in a research report on Wednesday, August 14th. Piper Sandler reaffirmed an overweight rating and set a $270.00 price target on shares of Praxis Precision Medicines in a research report on Monday, July 1st. Needham & Company LLC reissued a buy rating and issued a $145.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd. HC Wainwright reaffirmed a buy rating and set a $120.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd. Finally, Truist Financial reiterated a buy rating and set a $150.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, May 16th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $143.44.

Praxis Precision Medicines Stock Down 8.5 %

PRAX opened at $54.02 on Wednesday. The stock has a market capitalization of $924.17 million, a price-to-earnings ratio of -3.41 and a beta of 2.72. The firm has a 50 day moving average price of $52.17 and a 200-day moving average price of $49.96. Praxis Precision Medicines has a twelve month low of $13.01 and a twelve month high of $67.21.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Tuesday, August 13th. The company reported ($1.74) EPS for the quarter, topping analysts’ consensus estimates of ($2.38) by $0.64. The business had revenue of $0.36 million during the quarter, compared to the consensus estimate of $1.44 million. Praxis Precision Medicines had a negative net margin of 6,987.01% and a negative return on equity of 61.47%. As a group, analysts expect that Praxis Precision Medicines will post -8.5 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds have recently modified their holdings of PRAX. Amalgamated Bank purchased a new position in shares of Praxis Precision Medicines during the 2nd quarter valued at $25,000. Simplex Trading LLC bought a new stake in Praxis Precision Medicines during the fourth quarter valued at about $31,000. Quarry LP bought a new stake in Praxis Precision Medicines during the second quarter valued at about $83,000. SG Americas Securities LLC bought a new position in shares of Praxis Precision Medicines in the first quarter worth about $150,000. Finally, DLD Asset Management LP bought a new position in shares of Praxis Precision Medicines in the fourth quarter worth about $223,000. 67.84% of the stock is currently owned by 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.