Praxis Precision Medicines’ (PRAX) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note issued to investors on Friday morning, Benzinga reports. They currently have a $105.00 price objective on the stock.

Other analysts have also issued reports about the company. Wedbush boosted their price objective on Praxis Precision Medicines from $16.00 to $29.00 and gave the company a neutral rating in a report on Friday, January 12th. Jefferies Financial Group boosted their price objective on Praxis Precision Medicines from $75.00 to $128.00 and gave the company a buy rating in a report on Tuesday, March 26th.

Praxis Precision Medicines Price Performance

Shares of Praxis Precision Medicines stock opened at $54.80 on Friday. Praxis Precision Medicines has a fifty-two week low of $12.45 and a fifty-two week high of $67.21. The business has a 50-day moving average price of $51.97 and a 200 day moving average price of $34.54.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Tuesday, March 5th. The company reported ($2.97) earnings per share for the quarter, beating the consensus estimate of ($3.05) by $0.08. The firm had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.30 million. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%. On average, equities analysts forecast that Praxis Precision Medicines will post -8.64 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors have recently made changes to their positions in PRAX. Adage Capital Partners GP L.L.C. grew its holdings in shares of Praxis Precision Medicines by 10.7% during the third quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock valued at $15,014,000 after purchasing an additional 849,362 shares during the last quarter. Silverarc Capital Management LLC boosted its position in shares of Praxis Precision Medicines by 18.5% during the third quarter. Silverarc Capital Management LLC now owns 4,117,920 shares of the company’s stock worth $7,042,000 after buying an additional 641,758 shares during the period. CIBC Asset Management Inc boosted its position in shares of Praxis Precision Medicines by 19.3% during the third quarter. CIBC Asset Management Inc now owns 1,825,910 shares of the company’s stock worth $3,122,000 after buying an additional 295,425 shares during the period. Acuta Capital Partners LLC boosted its position in shares of Praxis Precision Medicines by 5.5% during the third quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock worth $7,669,000 after buying an additional 235,000 shares during the period. Finally, Citigroup Inc. boosted its position in shares of Praxis Precision Medicines by 44,585.5% during the third quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock worth $142,000 after buying an additional 82,929 shares during the period. 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.