Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Given Average Rating of “Moderate Buy” by Brokerages

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has earned a consensus recommendation of “Moderate Buy” from the nineteen brokerages that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, one has issued a hold recommendation, twelve have given a buy recommendation and four have given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $576.1176.

Several research firms recently issued reports on PRAX. BTIG Research reiterated a “buy” rating on shares of Praxis Precision Medicines in a report on Monday, March 9th. Needham & Company LLC raised their target price on Praxis Precision Medicines from $460.00 to $510.00 and gave the company a “buy” rating in a research report on Wednesday, February 4th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $412.00 target price on shares of Praxis Precision Medicines in a research report on Friday, February 20th. Robert W. Baird set a $433.00 price target on Praxis Precision Medicines and gave the stock an “outperform” rating in a research report on Friday, February 20th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $450.00 price objective (up from $300.00) on shares of Praxis Precision Medicines in a research note on Tuesday, December 9th.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC lifted its stake in shares of Praxis Precision Medicines by 17.2% in the fourth quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock worth $954,834,000 after buying an additional 476,227 shares in the last quarter. Perceptive Advisors LLC boosted its position in Praxis Precision Medicines by 27.6% during the fourth quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock worth $588,297,000 after acquiring an additional 431,432 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its stake in Praxis Precision Medicines by 13.3% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock valued at $83,031,000 after acquiring an additional 231,827 shares in the last quarter. Vanguard Group Inc. grew its stake in Praxis Precision Medicines by 15.3% during the 4th quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company’s stock valued at $430,595,000 after acquiring an additional 193,647 shares in the last quarter. Finally, Orbis Allan Gray Ltd acquired a new stake in Praxis Precision Medicines in the 4th quarter valued at about $369,946,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Price Performance

Shares of NASDAQ PRAX opened at $290.10 on Monday. The company’s 50-day simple moving average is $314.48 and its 200-day simple moving average is $226.97. Praxis Precision Medicines has a 52-week low of $26.70 and a 52-week high of $356.00. The firm has a market cap of $8.08 billion, a price-to-earnings ratio of -21.55 and a beta of 2.86.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Thursday, February 19th. The company reported ($3.50) earnings per share for the quarter, missing the consensus estimate of ($3.00) by ($0.50). Equities research analysts anticipate 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.