Praxis Precision Medicines (NASDAQ:PRAX – Get Free Report)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a research note issued to investors on Friday, Benzinga reports. They presently have a $105.00 target price on the stock. HC Wainwright’s target price would indicate a potential upside of 98.56% from the company’s previous close.
Other analysts also recently issued reports about the company. Jefferies Financial Group boosted their price target on Praxis Precision Medicines from $75.00 to $128.00 and gave the company a “buy” rating in a research note on Tuesday, March 26th. Wedbush boosted their price target on Praxis Precision Medicines from $16.00 to $29.00 and gave the company a “neutral” rating in a research note on Friday, January 12th.
Check Out Our Latest Research Report on Praxis Precision Medicines
Praxis Precision Medicines Trading Up 3.4 %
Praxis Precision Medicines (NASDAQ:PRAX – Get Free Report) last released its quarterly earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.05) by $0.08. The business had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.30 million. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%. Analysts predict that Praxis Precision Medicines will post -8.64 EPS for the current fiscal year.
Hedge Funds Weigh In On Praxis Precision Medicines
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Citigroup Inc. raised its holdings in Praxis Precision Medicines by 44,585.5% in the 3rd quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock valued at $142,000 after acquiring an additional 82,929 shares in the last quarter. Acuta Capital Partners LLC raised its holdings in Praxis Precision Medicines by 5.5% in the 3rd quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock valued at $7,669,000 after acquiring an additional 235,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Praxis Precision Medicines by 45.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock valued at $96,000 after acquiring an additional 17,428 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in Praxis Precision Medicines by 10.7% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock valued at $15,014,000 after acquiring an additional 849,362 shares in the last quarter. Finally, DLD Asset Management LP acquired a new position in shares of Praxis Precision Medicines during the 4th quarter worth $223,000. 67.84% of the stock is owned by institutional investors and hedge funds.
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.
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