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

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have been given a consensus rating of “Moderate Buy” by the nineteen research firms that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, one has given a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $576.1176.

A number of equities analysts have commented on PRAX shares. HC Wainwright restated a “buy” rating and issued a $1,245.00 price target (up from $340.00) on shares of Praxis Precision Medicines in a research report on Friday, January 30th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Praxis Precision Medicines in a research note on Monday, December 29th. Piper Sandler restated an “overweight” rating and set a $1,200.00 price target (up from $450.00) on shares of Praxis Precision Medicines in a research report on Wednesday, January 28th. Robert W. Baird set a $433.00 price target on Praxis Precision Medicines and gave the company an “outperform” rating in a report on Friday, February 20th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $450.00 price objective (up from $300.00) on shares of Praxis Precision Medicines in a research report on Tuesday, December 9th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC grew its holdings in Praxis Precision Medicines by 88.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock worth $26,000 after acquiring an additional 295 shares during the last quarter. CWM LLC lifted its position in shares of Praxis Precision Medicines by 877.9% during the second quarter. CWM LLC now owns 753 shares of the company’s stock worth $32,000 after purchasing an additional 676 shares in the last quarter. NBC Securities Inc. bought a new stake in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $38,000. Danske Bank A S bought a new stake in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $59,000. Finally, GAMMA Investing LLC increased its holdings in shares of Praxis Precision Medicines by 58.7% in the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after purchasing an additional 88 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX opened at $325.11 on Thursday. The business’s fifty day moving average price is $310.44 and its two-hundred day moving average price is $195.29. Praxis Precision Medicines has a fifty-two week low of $26.70 and a fifty-two week high of $356.00. The stock has a market capitalization of $9.05 billion, a price-to-earnings ratio of -24.15 and a beta of 2.86.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Thursday, February 19th. The company reported ($3.50) EPS for the quarter, missing the consensus estimate of ($3.00) by ($0.50). Research analysts expect that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.