Needham & Company LLC Reaffirms Buy Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $510.00 price target on the stock. Needham & Company LLC’s target price points to a potential upside of 48.71% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. HC Wainwright reissued a “buy” rating and issued a $1,245.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, April 7th. Citigroup reaffirmed a “conviction-buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, December 30th. Wolfe Research assumed coverage on Praxis Precision Medicines in a research report on Monday, February 23rd. They issued an “outperform” rating and a $500.00 target price for the company. Truist Financial raised Praxis Precision Medicines to a “strong-buy” rating in a research report on Wednesday, March 25th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $843.00 target price on shares of Praxis Precision Medicines in a research report on Monday, April 6th. Five equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $589.39.

Praxis Precision Medicines Trading Up 8.2%

Praxis Precision Medicines stock traded up $25.94 during trading hours on Tuesday, reaching $342.94. 194,210 shares of the company were exchanged, compared to its average volume of 467,417. Praxis Precision Medicines has a 12 month low of $28.79 and a 12 month high of $356.00. The firm has a market cap of $9.55 billion, a price-to-earnings ratio of -25.38 and a beta of 2.94. The stock has a 50-day moving average of $314.54 and a 200 day moving average of $247.70.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Thursday, February 19th. The company reported ($3.50) earnings per share for the quarter, missing the consensus estimate of ($3.00) by ($0.50). As a group, research analysts forecast that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. NBC Securities Inc. bought a new position in shares of Praxis Precision Medicines during the fourth quarter valued at $38,000. Danske Bank A S bought a new position in shares of Praxis Precision Medicines during the fourth quarter valued at $59,000. GAMMA Investing LLC lifted its holdings in shares of Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after acquiring an additional 88 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after acquiring an additional 359 shares during the period. Finally, AlphaQuest LLC lifted its holdings in shares of Praxis Precision Medicines by 1,623.3% during the third quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock valued at $106,000 after acquiring an additional 1,883 shares during the period. 67.84% of the stock is owned by institutional investors.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.