Praxis Precision Medicines (NASDAQ:PRAX) Earns Outperform Rating from Analysts at Robert W. Baird

Robert W. Baird began coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note issued to investors on Wednesday, MarketBeat reports. The firm issued an outperform rating and a $117.00 price target on the stock.

Several other research firms have also issued reports on PRAX. Wedbush lifted their target price on shares of Praxis Precision Medicines from $16.00 to $29.00 and gave the company a neutral rating in a report on Friday, January 12th. HC Wainwright reissued a buy rating and issued a $105.00 target price on shares of Praxis Precision Medicines in a report on Friday, April 26th. Finally, Jefferies Financial Group raised their price target on Praxis Precision Medicines from $75.00 to $128.00 and gave the company a buy rating in a report on Tuesday, March 26th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Praxis Precision Medicines has an average rating of Moderate Buy and an average target price of $105.80.

Praxis Precision Medicines Stock Up 0.7 %

Shares of PRAX stock opened at $54.54 on Wednesday. The stock has a market cap of $933.18 million, a price-to-earnings ratio of -2.31 and a beta of 2.87. The business’s fifty day moving average is $53.14 and its 200 day moving average is $35.48. Praxis Precision Medicines has a twelve month low of $12.45 and a twelve month high of $67.21.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.05) by $0.08. Praxis Precision Medicines had a negative net margin of 5,037.88% and a negative return on equity of 151.02%. The firm had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.30 million. Equities research analysts expect that Praxis Precision Medicines will post -8.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Simplex Trading LLC purchased a new position in shares of Praxis Precision Medicines in the fourth quarter worth $31,000. Jump Financial LLC purchased a new position in Praxis Precision Medicines in the 3rd quarter worth about $56,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Praxis Precision Medicines by 45.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock valued at $96,000 after acquiring an additional 17,428 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Praxis Precision Medicines by 409.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 75,077 shares of the company’s stock valued at $128,000 after acquiring an additional 60,342 shares during the last quarter. Finally, Citigroup Inc. grew its stake in shares of Praxis Precision Medicines by 44,585.5% in the third quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock worth $142,000 after acquiring an additional 82,929 shares during the period. 67.84% of the stock is owned by institutional investors.

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.