Praxis Precision Medicines (NASDAQ:PRAX) Given Buy Rating at HC Wainwright

HC Wainwright restated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report released on Thursday morning,Benzinga reports. HC Wainwright currently has a $120.00 price objective on the stock.

A number of other analysts also recently commented on the company. Oppenheimer upped their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Needham & Company LLC restated a “buy” rating and issued a $151.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Wedbush lifted their price objective 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, Guggenheim increased their price objective 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. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $146.33.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX opened at $71.00 on Thursday. The stock’s 50-day moving average price is $72.55 and its two-hundred day moving average price is $58.38. Praxis Precision Medicines has a 12-month low of $14.77 and a 12-month high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.01) by ($0.74). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The company had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. During the same period in the prior year, the business posted ($2.70) earnings per share. Analysts expect that Praxis Precision Medicines will post -10.26 earnings per share for the current fiscal year.

Insider Activity at Praxis Precision Medicines

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $81.78, for a total value of $424,274.64. Following the completion of the transaction, the insider now directly owns 5,613 shares in the company, valued at $459,031.14. The trade was a 48.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total value of $660,767.80. Following the sale, the general counsel now owns 10,301 shares in the company, valued at $826,140.20. The trade was a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently modified their holdings of the company. Franklin Resources Inc. increased its holdings in shares of Praxis Precision Medicines by 85.6% in the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock worth $25,619,000 after acquiring an additional 205,335 shares during the period. Baker BROS. Advisors LP increased its stake in shares of Praxis Precision Medicines by 145.6% in the third quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company’s stock valued at $18,591,000 after purchasing an additional 191,572 shares during the period. Wellington Management Group LLP raised its holdings in shares of Praxis Precision Medicines by 326.9% during the third quarter. Wellington Management Group LLP now owns 219,907 shares of the company’s stock valued at $12,653,000 after buying an additional 168,394 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Praxis Precision Medicines by 37.2% during the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock worth $30,079,000 after buying an additional 141,881 shares during the period. Finally, Marshall Wace LLP grew its holdings in Praxis Precision Medicines by 105.2% in the 2nd quarter. Marshall Wace LLP now owns 248,381 shares of the company’s stock worth $10,273,000 after buying an additional 127,357 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

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.