Piper Sandler Reaffirms “Overweight” Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Piper Sandler reissued their overweight rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report issued on Monday morning, Benzinga reports. The brokerage currently has a $270.00 target price on the stock.

PRAX has been the subject of a number of other research reports. Needham & Company LLC initiated coverage on shares of Praxis Precision Medicines in a research note on Monday, June 24th. They issued a buy rating and a $145.00 price objective for the company. Guggenheim initiated coverage on shares of Praxis Precision Medicines in a research note on Tuesday, June 18th. They issued a buy rating and a $155.00 price objective for the company. Truist Financial restated a buy rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, May 16th. HC Wainwright restated a buy rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, May 14th. Finally, Robert W. Baird assumed coverage on shares of Praxis Precision Medicines in a research report on Wednesday, May 1st. They set an outperform rating and a $117.00 target price for the company. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $137.38.

Praxis Precision Medicines Price Performance

Shares of Praxis Precision Medicines stock opened at $40.00 on Monday. Praxis Precision Medicines has a fifty-two week low of $12.75 and a fifty-two week high of $67.21. The firm has a fifty day moving average price of $44.69 and a two-hundred day moving average price of $43.93. The company has a market cap of $684.40 million, a PE ratio of -2.52 and a beta of 2.74.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Monday, May 13th. The company reported ($2.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.83). Praxis Precision Medicines had a negative net margin of 5,711.85% and a negative return on equity of 101.99%. The company had revenue of $0.43 million during the quarter, compared to the consensus estimate of $2.75 million. Analysts expect that Praxis Precision Medicines will post -10.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Simplex Trading LLC acquired a new stake in Praxis Precision Medicines in the 4th quarter valued at about $31,000. SG Americas Securities LLC acquired a new stake in Praxis Precision Medicines in the 1st quarter valued at about $150,000. Victory Capital Management Inc. increased its position in Praxis Precision Medicines by 25.0% in the 4th quarter. Victory Capital Management Inc. now owns 15,705 shares of the company’s stock valued at $350,000 after acquiring an additional 3,137 shares in the last quarter. Kingdon Capital Management L.L.C. increased its position in Praxis Precision Medicines by 1.0% in the 1st quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock valued at $21,357,000 after acquiring an additional 3,335 shares in the last quarter. Finally, Chase Investment Counsel Corp acquired a new stake in Praxis Precision Medicines in the 1st quarter valued at about $229,000. 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.