HC Wainwright Reaffirms “Buy” Rating for Praxis Precision Medicines (NASDAQ:PRAX)

HC Wainwright reiterated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAXFree Report) in a research report report published on Wednesday, Benzinga reports. HC Wainwright currently has a $105.00 target price on the stock. HC Wainwright also issued estimates for Praxis Precision Medicines’ Q1 2024 earnings at ($2.03) EPS, Q2 2024 earnings at ($2.20) EPS, Q3 2024 earnings at ($2.23) EPS, Q4 2024 earnings at ($2.25) EPS, FY2024 earnings at ($8.71) EPS, FY2025 earnings at ($12.93) EPS, FY2026 earnings at ($16.24) EPS, FY2027 earnings at ($11.00) EPS and FY2028 earnings at ($1.60) EPS.

Other analysts have also recently issued research reports about the stock. Truist Financial reissued a buy rating and set a $150.00 price objective on shares of Praxis Precision Medicines in a report on Monday, December 4th. 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.

Check Out Our Latest Stock Report on PRAX

Praxis Precision Medicines Trading Down 0.7 %

PRAX stock opened at $55.99 on Wednesday. Praxis Precision Medicines has a twelve month low of $11.85 and a twelve month high of $59.97. The company’s 50 day moving average is $41.40 and its two-hundred day moving average is $26.90. The stock has a market cap of $492.26 million, a P/E ratio of -2.37 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAXGet Free Report) last released its quarterly earnings data 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 company had revenue of $0.52 million for the quarter, compared to analysts’ expectations of $0.30 million. On average, equities research analysts predict that Praxis Precision Medicines will post -10.4 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors have recently modified their holdings of PRAX. Barclays PLC increased its holdings in shares of Praxis Precision Medicines by 557.0% in the 4th quarter. Barclays PLC now owns 10,539 shares of the company’s stock valued at $25,000 after acquiring an additional 8,935 shares during the period. Simplex Trading LLC acquired a new position in Praxis Precision Medicines in the 4th quarter valued at $31,000. Legal & General Group Plc increased its stake in Praxis Precision Medicines by 61.2% in the 2nd quarter. Legal & General Group Plc now owns 12,736 shares of the company’s stock valued at $31,000 after buying an additional 4,834 shares during the period. JPMorgan Chase & Co. increased its stake in Praxis Precision Medicines by 66.1% in the 1st quarter. JPMorgan Chase & Co. now owns 38,001 shares of the company’s stock valued at $31,000 after buying an additional 15,121 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Praxis Precision Medicines by 66.6% in the 2nd quarter. Principal Financial Group Inc. now owns 31,771 shares of the company’s stock valued at $37,000 after buying an additional 12,700 shares during the period.

About Praxis Precision Medicines

(Get Free Report)

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, develops 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 IIb clinical trial for the treatment of essential tremor, as well as in Phase II clinical trial to treat Parkinson's disease; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.

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