Brokerages Set Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Target Price at $143.44

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been given an average rating of “Moderate Buy” by the nine brokerages that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $143.44.

A number of equities research analysts have recently commented on the stock. Oppenheimer reiterated an “outperform” rating and issued a $143.00 target price (up from $134.00) on shares of Praxis Precision Medicines in a research report on Wednesday, September 4th. Guggenheim increased their price objective on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. HC Wainwright restated a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, September 10th. Wedbush increased their price target on Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. Finally, Needham & Company LLC reissued a “buy” rating and set a $145.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, September 3rd.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds have recently modified their holdings of PRAX. Price T Rowe Associates Inc. MD purchased a new stake in Praxis Precision Medicines during the first quarter worth about $32,707,000. Vanguard Group Inc. boosted its position in Praxis Precision Medicines by 100.6% in the 1st 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 period. Renaissance Technologies LLC grew its stake in shares of Praxis Precision Medicines by 523.2% in the second quarter. Renaissance Technologies LLC now owns 75,433 shares of the company’s stock worth $3,120,000 after acquiring an additional 63,329 shares in the last quarter. TD Asset Management Inc increased its position in shares of Praxis Precision Medicines by 46.6% during the second quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock worth $2,122,000 after acquiring an additional 16,312 shares during the period. Finally, Ballentine Partners LLC purchased a new position in Praxis Precision Medicines in the second quarter valued at $451,000. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Trading Up 1.5 %

NASDAQ PRAX opened at $71.54 on Monday. Praxis Precision Medicines has a twelve month low of $13.01 and a twelve month high of $75.73. The stock has a 50-day moving average of $60.33 and a 200 day moving average of $52.51. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of -4.51 and a beta of 2.73.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($1.74) EPS for the quarter, topping 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 company had revenue of $0.36 million during the quarter, compared to analyst estimates of $1.44 million. Equities analysts predict that Praxis Precision Medicines will post -8.5 EPS for the current fiscal year.

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.