Praxis Precision Medicines (NASDAQ:PRAX) Earns Buy Rating from Analysts at Chardan Capital

Chardan Capital initiated coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note released on Wednesday, Marketbeat reports. The brokerage issued a buy rating and a $80.00 price target on the stock.

PRAX has been the subject of several other research reports. HC Wainwright reaffirmed a “buy” rating and issued a $105.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, May 1st. Robert W. Baird decreased their target price on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a report on Tuesday, February 11th. They set a “buy” rating and a $111.00 price target on the stock. Wedbush upped their price objective on Praxis Precision Medicines from $26.00 to $28.00 and gave the company an “underperform” rating in a research report on Monday, May 5th. Finally, Truist Financial cut their target price on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $116.50.

Praxis Precision Medicines Stock Performance

Shares of PRAX opened at $38.35 on Wednesday. The firm’s 50-day simple moving average is $35.62 and its two-hundred day simple moving average is $60.92. Praxis Precision Medicines has a fifty-two week low of $26.70 and a fifty-two week high of $91.83. The stock has a market cap of $781.15 million, a PE ratio of -3.72 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share for the quarter, missing the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. Equities research analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently modified their holdings of the company. GF Fund Management CO. LTD. bought a new position in Praxis Precision Medicines in the fourth quarter valued at about $30,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at about $48,000. Graham Capital Management L.P. purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at about $209,000. KLP Kapitalforvaltning AS bought a new position in shares of Praxis Precision Medicines in the 4th quarter worth approximately $215,000. Finally, Envestnet Asset Management Inc. purchased a new position in shares of Praxis Precision Medicines in the fourth quarter worth approximately $231,000. 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.