Praxis Precision Medicines (NASDAQ:PRAX) Upgraded by BTIG Research to Strong-Buy Rating

Praxis Precision Medicines (NASDAQ:PRAX) was upgraded by research analysts at BTIG Research to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other research analysts have also recently issued reports on PRAX. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Praxis Precision Medicines in a report on Thursday, November 13th. Chardan Capital set a $330.00 target price on Praxis Precision Medicines and gave the stock a “buy” rating in a research report on Friday, October 17th. Needham & Company LLC increased their price target on Praxis Precision Medicines from $80.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. HC Wainwright lifted their price target on Praxis Precision Medicines from $232.00 to $258.00 and gave the stock a “buy” rating in a research note on Thursday, November 13th. Finally, Lifesci Capital raised shares of Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, September 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and an average price target of $257.50.

Praxis Precision Medicines Trading Up 2.8%

NASDAQ:PRAX opened at $189.32 on Tuesday. The company has a 50-day moving average of $115.97 and a 200-day moving average of $70.01. The firm has a market cap of $4.73 billion, a price-to-earnings ratio of -14.68 and a beta of 2.82. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $206.71.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Wednesday, November 5th. The company reported ($3.36) EPS for the quarter, topping analysts’ consensus estimates of ($3.45) by $0.09. On average, research analysts forecast that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds have recently bought and sold shares of the business. Y Intercept Hong Kong Ltd purchased a new position in Praxis Precision Medicines during the 1st quarter valued at about $237,000. XTX Topco Ltd purchased a new position in Praxis Precision Medicines during the first quarter valued at approximately $380,000. Vanguard Group Inc. grew its position in Praxis Precision Medicines by 2.2% during the first quarter. Vanguard Group Inc. now owns 1,087,020 shares of the company’s stock valued at $41,165,000 after purchasing an additional 23,381 shares in the last quarter. Swiss National Bank increased its stake in Praxis Precision Medicines by 3.8% in the 1st quarter. Swiss National Bank now owns 27,100 shares of the company’s stock valued at $1,026,000 after buying an additional 1,000 shares during the period. Finally, Nuveen LLC purchased a new stake in Praxis Precision Medicines in the 1st quarter worth approximately $559,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Company Profile

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.