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

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have been assigned an average rating of “Moderate Buy” from the twenty ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation, thirteen have assigned a buy recommendation and four have given a strong buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $572.7222.

A number of research firms have weighed in on PRAX. Jefferies Financial Group restated a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, May 7th. Needham & Company LLC restated a “buy” rating and issued a $510.00 price target on shares of Praxis Precision Medicines in a research note on Tuesday, April 14th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $374.00 price target (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research note on Wednesday, May 27th. Finally, HC Wainwright decreased their price target on Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating for the company in a research note on Tuesday, June 2nd.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock opened at $266.58 on Friday. The business’s 50 day simple moving average is $319.32 and its 200 day simple moving average is $300.57. Praxis Precision Medicines has a 52-week low of $37.19 and a 52-week high of $366.52. The firm has a market cap of $7.43 billion, a PE ratio of -19.94 and a beta of 2.71.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.58) by $0.38. As a group, equities research analysts predict that Praxis Precision Medicines will post -14.79 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rafferty Asset Management LLC raised its holdings in Praxis Precision Medicines by 51.5% in the 3rd quarter. Rafferty Asset Management LLC now owns 37,573 shares of the company’s stock valued at $1,991,000 after acquiring an additional 12,768 shares in the last quarter. Vanguard Group Inc. raised its holdings in Praxis Precision Medicines by 4.2% in the 3rd quarter. Vanguard Group Inc. now owns 1,267,286 shares of the company’s stock valued at $67,166,000 after acquiring an additional 51,642 shares in the last quarter. Algert Global LLC raised its holdings in Praxis Precision Medicines by 483.3% in the 3rd quarter. Algert Global LLC now owns 160,818 shares of the company’s stock valued at $8,523,000 after acquiring an additional 133,248 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in Praxis Precision Medicines in the 4th quarter valued at $977,000. Finally, HighVista Strategies LLC raised its holdings in Praxis Precision Medicines by 41.2% in the 3rd quarter. HighVista Strategies LLC now owns 95,002 shares of the company’s stock valued at $5,035,000 after acquiring an additional 27,714 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors.

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.