Praxis Precision Medicines (NASDAQ:PRAX) Price Target Raised to $826.00

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective lifted by BTIG Research from $810.00 to $826.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the company. Needham & Company LLC reissued a “buy” rating and issued a $582.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, September 24th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $575.00 target price (up from $470.00) on shares of Praxis Precision Medicines in a research note on Friday, August 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Monday, August 24th. Robert W. Baird set a $514.00 price target on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Finally, Wall Street Zen upgraded shares of Praxis Precision Medicines from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $613.26.

Praxis Precision Medicines Stock Performance

NASDAQ PRAX opened at $263.55 on Tuesday. The firm’s 50 day moving average price is $331.48 and its two-hundred day moving average price is $320.62. Praxis Precision Medicines has a twelve month low of $50.56 and a twelve month high of $392.70. The stock has a market cap of $7.36 billion, a price-to-earnings ratio of -20.38 and a beta of 2.79.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.67) by $0.80. On average, research analysts forecast that Praxis Precision Medicines will post -13.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC lifted its position in shares of Praxis Precision Medicines by 6.8% in the first quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock worth $1,113,514,000 after buying an additional 218,777 shares during the last quarter. Perceptive Advisors LLC increased its holdings in shares of Praxis Precision Medicines by 2.0% during the 1st quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock valued at $655,974,000 after acquiring an additional 40,000 shares during the last quarter. Baker BROS. Advisors LP raised its stake in shares of Praxis Precision Medicines by 63.4% in the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock valued at $332,021,000 after acquiring an additional 437,000 shares in the last quarter. Bank of America Corp DE lifted its holdings in Praxis Precision Medicines by 2.3% in the 1st quarter. Bank of America Corp DE now owns 534,604 shares of the company’s stock worth $172,244,000 after purchasing an additional 11,841 shares during the last quarter. Finally, Barclays PLC lifted its holdings in Praxis Precision Medicines by 592.6% in the 4th quarter. Barclays PLC now owns 530,751 shares of the company’s stock worth $156,434,000 after purchasing an additional 454,114 shares during the last quarter. 67.84% of the stock is owned by institutional investors and hedge funds.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for central nervous system disorders. The company uses insights from human genetics, neuroscience and its Cerebrum™ platform to identify and advance medicines for conditions in which existing treatment options may be limited.

Praxis’ pipeline has included investigational treatments for epilepsies and other neurological disorders, including developmental and epileptic encephalopathies, essential tremor and movement-related conditions.