Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been assigned a consensus rating of “Moderate Buy” from the nine research firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $143.44.

Several equities analysts have commented on the company. Guggenheim upped their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Wedbush raised their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. Oppenheimer reissued an “outperform” rating and issued a $143.00 price objective (up from $134.00) on shares of Praxis Precision Medicines in a research report on Wednesday, September 4th. Piper Sandler reaffirmed an “overweight” rating and set a $270.00 target price on shares of Praxis Precision Medicines in a research report on Monday, July 1st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $145.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd.

Praxis Precision Medicines Trading Down 1.4 %

PRAX stock opened at $58.25 on Thursday. Praxis Precision Medicines has a 12 month low of $13.01 and a 12 month high of $67.21. The stock has a market cap of $1.03 billion, a PE ratio of -3.67 and a beta of 2.72. The company has a 50-day moving average price of $55.60 and a 200 day moving average price of $50.85.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.38) by $0.64. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. The business had revenue of $0.36 million during the quarter, compared to analyst estimates of $1.44 million. Sell-side analysts forecast that Praxis Precision Medicines will post -8.5 EPS for the current year.

Institutional Trading of Praxis Precision Medicines

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Point72 Asset Management L.P. lifted its stake in shares of Praxis Precision Medicines by 10.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock worth $43,498,000 after purchasing an additional 97,561 shares during the last quarter. RA Capital Management L.P. bought a new position in Praxis Precision Medicines in the first quarter worth about $50,548,000. Vanguard Group Inc. lifted its position in shares of Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after buying an additional 373,131 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new stake in shares of Praxis Precision Medicines in the 1st quarter valued at about $32,707,000. Finally, Kingdon Capital Management L.L.C. grew its position in shares of Praxis Precision Medicines by 1.0% in the 1st quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock worth $21,357,000 after buying an additional 3,335 shares during the last quarter. Institutional investors 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.