Praxis Precision Medicines (NASDAQ:PRAX) Coverage Initiated by Analysts at Guggenheim

Guggenheim began coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX – Free Report) in a report published on Tuesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $155.00 price objective on the stock.

Several other research analysts have also recently issued reports on the company. Jefferies Financial Group raised their price objective on Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a buy rating in a research note on Tuesday, March 26th. HC Wainwright restated a buy rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, May 14th. Truist Financial restated a buy rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, May 16th. Finally, Robert W. Baird began coverage on Praxis Precision Medicines in a research report on Wednesday, May 1st. They set an outperform rating and a $117.00 price target for the company. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $114.00.

Get Our Latest Stock Report on Praxis Precision Medicines

Praxis Precision Medicines Price Performance

NASDAQ PRAX traded up $1.14 during trading on Tuesday, hitting $37.69. The company’s stock had a trading volume of 280,768 shares, compared to its average volume of 239,095. The company has a market cap of $644.80 million, a PE ratio of -2.46 and a beta of 2.79. The business’s 50 day simple moving average is $47.59 and its 200-day simple moving average is $42.22. Praxis Precision Medicines has a fifty-two week low of $12.75 and a fifty-two week high of $67.21.

Praxis Precision Medicines (NASDAQ:PRAX – Get Free Report) last announced its quarterly earnings data on Monday, May 13th. The company reported ($2.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.01) by ($0.83). Praxis Precision Medicines had a negative return on equity of 101.99% and a negative net margin of 5,711.85%. The firm had revenue of $0.43 million during the quarter, compared to analysts’ expectations of $2.75 million. Analysts expect that Praxis Precision Medicines will post -10.13 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Institutional investors and hedge funds have recently made changes to their positions in the business. Citigroup Inc. increased its position 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 valued at $142,000 after buying an additional 82,929 shares in the last quarter. Acuta Capital Partners LLC increased its position in shares of Praxis Precision Medicines by 5.5% in the third quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock valued at $7,669,000 after buying an additional 235,000 shares in the last quarter. Wildcat Capital Management LLC acquired a new stake in shares of Praxis Precision Medicines in the fourth quarter worth approximately $373,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Praxis Precision Medicines by 45.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock worth $96,000 after acquiring an additional 17,428 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its stake in shares of Praxis Precision Medicines by 10.7% in the third quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock worth $15,014,000 after acquiring an additional 849,362 shares during the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Company Profile

(Get Free Report)

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.

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