Praxis Precision Medicines (NASDAQ:PRAX) Given New $105.00 Price Target at HC Wainwright

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective cut by HC Wainwright from $120.00 to $105.00 in a report released on Monday morning, MarketBeat reports. They currently have a buy rating on the stock.

Several other brokerages have also recently weighed in on PRAX. Truist Financial boosted their price objective on Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Robert W. Baird reduced their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a research note on Monday. Deutsche Bank Aktiengesellschaft initiated coverage on Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a “buy” rating and a $111.00 price objective on the stock. Finally, Needham & Company LLC reduced their price objective on Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and a consensus target price of $123.80.

Praxis Precision Medicines Stock Down 13.1 %

Shares of Praxis Precision Medicines stock opened at $33.55 on Monday. The stock’s 50-day simple moving average is $75.35 and its 200-day simple moving average is $69.64. Praxis Precision Medicines has a 52 week low of $33.01 and a 52 week high of $91.83. The company has a market capitalization of $625.30 million, a price-to-earnings ratio of -3.26 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Friday, February 28th. The company reported ($2.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.76) by ($0.18). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The firm had revenue of $7.48 million during the quarter, compared to the consensus estimate of $0.36 million. On average, equities analysts expect that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Polar Asset Management Partners Inc. bought a new stake in Praxis Precision Medicines during the 4th quarter valued at $7,590,000. GF Fund Management CO. LTD. acquired a new stake in shares of Praxis Precision Medicines in the 4th quarter worth $30,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Praxis Precision Medicines by 17.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,615 shares of the company’s stock worth $1,433,000 after purchasing an additional 2,747 shares in the last quarter. Voloridge Investment Management LLC boosted its position in shares of Praxis Precision Medicines by 54.4% in the 4th quarter. Voloridge Investment Management LLC now owns 116,062 shares of the company’s stock worth $8,932,000 after purchasing an additional 40,875 shares in the last quarter. Finally, VR Adviser LLC boosted its position in shares of Praxis Precision Medicines by 40.2% in the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock worth $76,189,000 after purchasing an additional 283,854 shares in the last quarter. Institutional investors 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.