Praxis Precision Medicines (NASDAQ:PRAX) Receives Buy Rating from Chardan Capital

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reissued by stock analysts at Chardan Capital in a research note issued on Tuesday,Benzinga reports. They presently have a $80.00 price target on the stock. Chardan Capital’s target price would indicate a potential upside of 41.37% from the company’s current price.

A number of other brokerages have also weighed in on PRAX. HC Wainwright reaffirmed a “buy” rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a report on Friday, July 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, June 12th. Oppenheimer lifted their price objective on Praxis Precision Medicines from $97.00 to $115.00 and gave the company an “outperform” rating in a report on Tuesday, July 8th. Finally, Wedbush lifted their price objective on Praxis Precision Medicines from $26.00 to $28.00 and gave the company an “underperform” rating in a report on Monday, May 5th. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $94.11.

Praxis Precision Medicines Stock Up 1.1%

NASDAQ PRAX opened at $56.59 on Tuesday. Praxis Precision Medicines has a 52-week low of $26.70 and a 52-week high of $91.83. The business’s 50-day moving average price is $46.40 and its 200 day moving average price is $49.24. The firm has a market cap of $1.15 billion, a P/E ratio of -5.28 and a beta of 2.60.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Friday, May 2nd. The company reported ($3.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($3.20) by ($0.09). Praxis Precision Medicines had a negative net margin of 2,137.48% and a negative return on equity of 50.42%. As a group, analysts anticipate that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at approximately $30,000. CWM LLC lifted its position in shares of Praxis Precision Medicines by 877.9% during the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock valued at $32,000 after acquiring an additional 676 shares during the period. GAMMA Investing LLC lifted its position in shares of Praxis Precision Medicines by 6,075.4% during the 1st quarter. GAMMA Investing LLC now owns 4,014 shares of the company’s stock valued at $152,000 after acquiring an additional 3,949 shares during the period. Graham Capital Management L.P. acquired a new position in shares of Praxis Precision Medicines during the 4th quarter worth approximately $209,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Praxis Precision Medicines during the 4th quarter worth approximately $215,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.