Robert W. Baird Lowers Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $400.00

Praxis Precision Medicines (NASDAQ:PRAX) had its price target reduced by investment analysts at Robert W. Baird from $433.00 to $400.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price target points to a potential upside of 19.35% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the company. Jefferies Financial Group reiterated a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, May 7th. Raymond James Financial initiated coverage on Praxis Precision Medicines in a research report on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Wednesday, May 27th. Truist Financial increased their target price on Praxis Precision Medicines from $700.00 to $715.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Finally, BTIG Research restated a “buy” rating and set a $810.00 price target (down from $843.00) on shares of Praxis Precision Medicines in a research report on Tuesday. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Praxis Precision Medicines currently has a consensus rating of “Moderate Buy” and a consensus target price of $584.00.

Praxis Precision Medicines Trading Down 4.2%

Shares of NASDAQ PRAX opened at $335.16 on Tuesday. The stock has a fifty day simple moving average of $327.22 and a two-hundred day simple moving average of $296.62. Praxis Precision Medicines has a 1-year low of $37.19 and a 1-year high of $366.52. The firm has a market cap of $9.34 billion, a price-to-earnings ratio of -25.07 and a beta of 2.71.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, beating the consensus estimate of ($3.58) by $0.38. Analysts forecast that Praxis Precision Medicines will post -14.79 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Perceptive Advisors LLC lifted its stake in shares of Praxis Precision Medicines by 2.0% in 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. CTC Alternative Strategies Ltd. bought a new stake in shares of Praxis Precision Medicines in the 1st quarter valued at about $298,000. Vivo Capital LLC lifted its stake in shares of Praxis Precision Medicines by 3.0% in the 1st quarter. Vivo Capital LLC now owns 338,895 shares of the company’s stock valued at $109,189,000 after acquiring an additional 10,000 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of 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 valued at $172,244,000 after acquiring an additional 11,841 shares during the last quarter. Finally, Stempoint Capital LP lifted its stake in shares of Praxis Precision Medicines by 167.1% in the 1st quarter. Stempoint Capital LP now owns 56,267 shares of the company’s stock valued at $18,129,000 after acquiring an additional 35,200 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines News Roundup

Here are the key news stories impacting Praxis Precision Medicines this week:

• Positive Sentiment: HC Wainwright kept a buy rating on Praxis Precision Medicines and still sees significant upside despite cutting its price target to $1,201 from $1,245. Benzinga report on price target change
• Neutral Sentiment: Praxis said vormatrigine was generally well tolerated, with a low discontinuation rate, and that the secondary response-rate measure was met. The company also said it is pausing enrollment in POWER2 while it reviews possible program changes. GlobeNewswire program update
• Negative Sentiment: The biggest driver for the stock today is the trial setback: the Phase 2/3 POWER1 study did not meet its primary success measure, raising doubts about vormatrigine’s path forward and pressuring shares. Reuters report on trial miss

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.