Needham & Company LLC Reaffirms Buy Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $151.00 price objective on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 93.90% from the stock’s current price.

A number of other analysts have also recently weighed in on PRAX. HC Wainwright reissued a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a research note on Thursday. Guggenheim upped their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Wedbush increased 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. Finally, Oppenheimer upped their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $146.33.

Praxis Precision Medicines Stock Up 3.4 %

Praxis Precision Medicines stock traded up $2.53 during mid-day trading on Thursday, hitting $77.88. The company’s stock had a trading volume of 317,650 shares, compared to its average volume of 279,787. Praxis Precision Medicines has a twelve month low of $13.01 and a twelve month high of $78.08. The stock has a market capitalization of $1.38 billion, a P/E ratio of -7.56 and a beta of 2.67. The stock’s fifty day moving average price is $64.68 and its two-hundred day moving average price is $54.08.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.38) by $0.64. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 63.06%. The company had revenue of $0.36 million during the quarter, compared to analyst estimates of $1.44 million. Equities analysts expect that Praxis Precision Medicines will post -8.5 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Large investors have recently made changes to their positions in the stock. Amalgamated Bank bought a new position in Praxis Precision Medicines in the second quarter valued at $25,000. Quarry LP bought a new position in Praxis Precision Medicines in the second quarter valued at $83,000. US Bancorp DE lifted its stake in Praxis Precision Medicines by 35.9% in the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after acquiring an additional 605 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Praxis Precision Medicines in the first quarter valued at $150,000. Finally, Intech Investment Management LLC acquired a new stake in Praxis Precision Medicines in the third quarter valued at $217,000. Institutional investors own 67.84% of the company’s stock.

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.