Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Given Consensus Rating of “Buy” by Analysts

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has earned an average recommendation of “Buy” from the twenty analysts that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, one has given a hold recommendation, twelve have issued a buy recommendation and five have given a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $590.7778.

PRAX has been the topic of several research reports. Needham & Company LLC restated a “buy” rating and set a $510.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, April 14th. Truist Financial upgraded Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, March 25th. BTIG Research restated a “buy” rating and set a $843.00 price objective on shares of Praxis Precision Medicines in a report on Monday, April 6th. Wedbush raised their price objective on Praxis Precision Medicines from $95.00 to $130.00 and gave the stock an “underperform” rating in a report on Friday, February 20th. Finally, Robert W. Baird set a $433.00 price objective on Praxis Precision Medicines and gave the stock an “outperform” rating in a report on Friday, February 20th.

Praxis Precision Medicines Stock Performance

Shares of NASDAQ PRAX opened at $318.83 on Friday. The business’s 50 day moving average price is $318.10 and its 200-day moving average price is $270.30. Praxis Precision Medicines has a fifty-two week low of $34.89 and a fifty-two week high of $356.00. The company has a market cap of $8.88 billion, a price-to-earnings ratio of -23.69 and a beta of 2.94.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Thursday, February 19th. The company reported ($3.50) EPS for the quarter, missing the consensus estimate of ($3.00) by ($0.50). Sell-side analysts predict that Praxis Precision Medicines will post -14.88 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PRAX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Praxis Precision Medicines by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company’s stock worth $444,000 after purchasing an additional 573 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Praxis Precision Medicines by 367.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company’s stock valued at $3,298,000 after acquiring an additional 68,466 shares in the last quarter. Creative Planning bought a new stake in Praxis Precision Medicines during the 2nd quarter valued at $273,000. JPMorgan Chase & Co. boosted its position in Praxis Precision Medicines by 21.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 13,938 shares of the company’s stock valued at $586,000 after acquiring an additional 2,459 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in Praxis Precision Medicines by 15.7% during the 2nd quarter. Legal & General Group Plc now owns 16,670 shares of the company’s stock valued at $701,000 after acquiring an additional 2,261 shares in the last quarter. 67.84% of the stock is currently owned by hedge funds and other 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.