Needham & Company LLC Cuts Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $85.00

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective reduced by Needham & Company LLC from $150.00 to $85.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts also recently commented on PRAX. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Praxis Precision Medicines in a report on Tuesday, February 11th. They set a “buy” rating and a $111.00 price objective on the stock. Robert W. Baird decreased their price objective on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a report on Monday. Truist Financial lifted their target price on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Finally, HC Wainwright restated a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and an average target price of $123.80.

Praxis Precision Medicines Stock Up 4.5 %

Shares of NASDAQ:PRAX opened at $37.85 on Monday. The company has a market cap of $763.17 million, a price-to-earnings ratio of -3.67 and a beta of 2.76. The firm’s 50-day simple moving average is $73.74 and its 200-day simple moving average is $69.30. Praxis Precision Medicines has a fifty-two week low of $30.01 and a fifty-two week high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Friday, February 28th. The company reported ($2.94) EPS for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). The company had revenue of $7.48 million for the quarter, compared to analysts’ expectations of $0.36 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. On average, research analysts forecast that Praxis Precision Medicines will post -10.22 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors have recently modified their holdings of PRAX. Assenagon Asset Management S.A. raised its position in shares of Praxis Precision Medicines by 5,437.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after buying an additional 548,986 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Praxis Precision Medicines by 77.5% in the fourth quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock valued at $71,621,000 after buying an additional 405,957 shares during the last quarter. VR Adviser LLC raised its position in shares of Praxis Precision Medicines by 40.2% in the fourth quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock valued at $76,189,000 after buying an additional 283,854 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $17,454,000. Finally, Franklin Resources Inc. raised its position in shares of Praxis Precision Medicines by 85.6% in the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after buying an additional 205,335 shares during the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

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.