Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives $85.56 Average Price Target from Brokerages

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have earned a consensus rating of “Moderate Buy” from the twelve brokerages that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $85.5556.

PRAX has been the subject of a number of research reports. HC Wainwright reissued a “buy” rating and issued a $115.00 price target (up from $105.00) on shares of Praxis Precision Medicines in a research note on Tuesday, August 5th. Oppenheimer upped their price objective on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, July 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Praxis Precision Medicines in a report on Wednesday. Needham & Company LLC restated a “buy” rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, June 12th. Finally, Lifesci Capital upgraded shares of Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, September 3rd.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors have recently made changes to their positions in PRAX. Adage Capital Partners GP L.L.C. grew its holdings in shares of Praxis Precision Medicines by 188.1% during the first quarter. Adage Capital Partners GP L.L.C. now owns 1,742,758 shares of the company’s stock valued at $65,998,000 after buying an additional 1,137,748 shares during the last quarter. Driehaus Capital Management LLC grew its holdings in shares of Praxis Precision Medicines by 192.0% during the first quarter. Driehaus Capital Management LLC now owns 481,598 shares of the company’s stock valued at $18,238,000 after buying an additional 316,686 shares during the last quarter. Vivo Capital LLC purchased a new stake in shares of Praxis Precision Medicines during the second quarter valued at approximately $7,048,000. Woodline Partners LP grew its holdings in shares of Praxis Precision Medicines by 1,666.5% during the first quarter. Woodline Partners LP now owns 175,727 shares of the company’s stock valued at $6,655,000 after buying an additional 165,779 shares during the last quarter. Finally, Aberdeen Group plc grew its holdings in shares of Praxis Precision Medicines by 143.5% during the second quarter. Aberdeen Group plc now owns 214,056 shares of the company’s stock valued at $9,001,000 after buying an additional 126,153 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

PRAX stock opened at $54.29 on Monday. Praxis Precision Medicines has a 1 year low of $26.70 and a 1 year high of $91.83. The company has a market cap of $1.14 billion, a P/E ratio of -4.42 and a beta of 2.62. The firm has a 50-day moving average of $47.33 and a 200 day moving average of $43.30.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Monday, August 4th. The company reported ($3.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.40) by $0.09. On average, equities research analysts expect that Praxis Precision Medicines will post -10.22 earnings per share for the current fiscal year.

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.