Jefferies Financial Group Increases Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $128.00

Praxis Precision Medicines (NASDAQ:PRAX) had its price target increased by Jefferies Financial Group from $75.00 to $128.00 in a report published on Tuesday, Benzinga reports. Jefferies Financial Group currently has a buy rating on the stock.

Other research analysts have also issued research reports about the stock. HC Wainwright restated a buy rating and issued a $105.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday. 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 research note on Friday, January 12th. Finally, Truist Financial reissued a buy rating and set a $150.00 target price on shares of Praxis Precision Medicines in a research note on Monday, December 4th.

Praxis Precision Medicines Trading Up 3.1 %

Shares of NASDAQ:PRAX opened at $61.02 on Tuesday. The firm’s 50 day moving average is $47.78 and its two-hundred day moving average is $30.45. Praxis Precision Medicines has a 52 week low of $11.85 and a 52 week high of $67.21. The firm has a market capitalization of $807.90 million, a P/E ratio of -2.58 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Tuesday, March 5th. The company reported ($2.97) EPS for the quarter, beating 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 business had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.30 million. Analysts predict that Praxis Precision Medicines will post -8.78 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors have recently modified their holdings of the company. Barclays PLC acquired a new stake in Praxis Precision Medicines during the fourth quarter worth $206,000. Wildcat Capital Management LLC bought a new position in shares of Praxis Precision Medicines in the fourth quarter valued at about $373,000. DLD Asset Management LP bought a new stake in Praxis Precision Medicines during the 4th quarter worth about $223,000. Victory Capital Management Inc. grew its position in shares of Praxis Precision Medicines by 25.0% during the 4th quarter. Victory Capital Management Inc. now owns 15,705 shares of the company’s stock worth $350,000 after buying an additional 3,137 shares during the period. Finally, Simplex Trading LLC acquired a new position in shares of Praxis Precision Medicines during the 4th quarter worth about $31,000. Institutional investors own 67.84% of the company’s stock.

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.