Deutsche Bank Aktiengesellschaft Initiates Coverage on Praxis Precision Medicines (NASDAQ:PRAX)

Deutsche Bank Aktiengesellschaft assumed coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $111.00 price target on the stock.

A number of other research firms have also commented on PRAX. Oppenheimer increased their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Truist Financial raised their target price on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $150.00 price target on shares of Praxis Precision Medicines in a research note on Monday. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $145.20.

Praxis Precision Medicines Stock Up 1.5 %

Shares of NASDAQ:PRAX opened at $86.66 on Tuesday. Praxis Precision Medicines has a twelve month low of $33.01 and a twelve month high of $90.33. The stock’s 50 day moving average is $75.96 and its 200-day moving average is $68.15. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -8.41 and a beta of 2.65.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PRAX. Mirae Asset Global Investments Co. Ltd. bought a new position in Praxis Precision Medicines in the 4th quarter worth about $48,000. US Bancorp DE raised its holdings in shares of Praxis Precision Medicines by 35.9% during the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after buying an additional 605 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Praxis Precision Medicines during the 4th quarter valued at about $215,000. Intech Investment Management LLC purchased a new position in shares of Praxis Precision Medicines during the 3rd quarter valued at about $217,000. Finally, Mesirow Financial Investment Management Inc. purchased a new position in shares of Praxis Precision Medicines during the 3rd quarter valued at about $231,000. 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.