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

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have received a consensus rating of “Moderate Buy” from the twenty ratings firms that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, one has given a hold recommendation, thirteen have issued a buy recommendation and four have issued a strong buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $592.6667.

A number of equities research analysts have commented on the company. TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, January 29th. Robert W. Baird set a $433.00 price target on Praxis Precision Medicines and gave the company an “outperform” rating in a research note on Friday, February 20th. Wolfe Research began coverage on Praxis Precision Medicines in a research note on Monday, February 23rd. They issued an “outperform” rating and a $500.00 price target for the company. Needham & Company LLC restated a “buy” rating and issued a $510.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, April 14th. Finally, Wells Fargo & Company set a $305.00 price objective on Praxis Precision Medicines and gave the stock an “equal weight” rating in a research note on Friday, February 20th.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. GF Fund Management CO. LTD. raised its stake in shares of Praxis Precision Medicines by 8.2% in the fourth quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock worth $144,000 after purchasing an additional 37 shares during the last quarter. KBC Group NV raised its stake in shares of Praxis Precision Medicines by 5.8% in the first quarter. KBC Group NV now owns 715 shares of the company’s stock worth $230,000 after purchasing an additional 39 shares during the last quarter. Carl P. Sherr & Co. LLC raised its stake in shares of Praxis Precision Medicines by 8.4% in the first quarter. Carl P. Sherr & Co. LLC now owns 972 shares of the company’s stock worth $313,000 after purchasing an additional 75 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Praxis Precision Medicines by 58.7% in the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after purchasing an additional 88 shares during the last quarter. Finally, CWM LLC raised its stake in shares of Praxis Precision Medicines by 15.5% in the fourth quarter. CWM LLC now owns 874 shares of the company’s stock worth $258,000 after purchasing an additional 117 shares during the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock opened at $343.56 on Tuesday. The stock has a 50-day moving average of $322.09 and a two-hundred day moving average of $290.36. Praxis Precision Medicines has a one year low of $35.21 and a one year high of $358.76. The stock has a market cap of $9.58 billion, a PE ratio of -25.70 and a beta of 2.76.

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

Praxis Precision Medicines Company Profile

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.