Oppenheimer Forecasts Strong Price Appreciation for Praxis Precision Medicines (NASDAQ:PRAX) Stock

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective boosted by Oppenheimer from $143.00 to $163.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other research firms have also commented on PRAX. Guggenheim lifted their price objective on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. HC Wainwright restated a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, September 10th. Wedbush lifted their target price on Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a research note on Wednesday, August 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $145.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Praxis Precision Medicines has an average rating of “Moderate Buy” and a consensus target price of $145.67.

Praxis Precision Medicines Stock Down 2.4 %

NASDAQ:PRAX opened at $68.33 on Thursday. The company has a market capitalization of $1.21 billion, a PE ratio of -6.67 and a beta of 2.67. Praxis Precision Medicines has a 52-week low of $13.01 and a 52-week high of $75.73. The stock’s 50 day moving average price is $62.58 and its 200 day moving average price is $53.23.

Praxis Precision Medicines (NASDAQ:PRAX) last announced 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 business had revenue of $0.36 million for the quarter, compared to analyst estimates 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, sell-side analysts anticipate that Praxis Precision Medicines will post -8.5 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

A number of institutional investors have recently modified their holdings of the business. Mesirow Financial Investment Management Inc. purchased a new position in Praxis Precision Medicines in the third quarter worth $231,000. US Bancorp DE increased its holdings in shares of Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after purchasing an additional 605 shares in the last quarter. Moody Aldrich Partners LLC grew its position in Praxis Precision Medicines by 29.6% during the third quarter. Moody Aldrich Partners LLC now owns 31,605 shares of the company’s stock worth $1,819,000 after buying an additional 7,224 shares during the period. SG Americas Securities LLC purchased a new position in Praxis Precision Medicines in the third quarter valued at about $297,000. Finally, Quarry LP purchased a new position in Praxis Precision Medicines in the second quarter valued at about $83,000. 67.84% of the stock is currently owned by hedge funds and other 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.