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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been assigned an average rating of “Moderate Buy” from the twenty-one ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, fourteen have issued a buy rating and four have issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $566.2105.

PRAX has been the topic of a number of research analyst reports. Wells Fargo & Company set a $305.00 price target on Praxis Precision Medicines and gave the stock an “equal weight” rating in a research note on Friday, February 20th. Oppenheimer reissued an “outperform” rating and issued a $650.00 price target (down from $750.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Jefferies Financial Group reissued a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, May 7th. Needham & Company LLC reissued a “buy” rating and issued a $510.00 price target on shares of Praxis Precision Medicines in a research note on Tuesday, April 14th. Finally, Raymond James Financial initiated coverage on Praxis Precision Medicines in a research note on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 price objective on the stock.

Praxis Precision Medicines Trading Up 5.0%

Shares of NASDAQ:PRAX opened at $270.01 on Friday. The stock’s 50-day moving average price is $316.54 and its two-hundred day moving average price is $302.97. Praxis Precision Medicines has a 12-month low of $37.19 and a 12-month high of $366.52. The firm has a market cap of $7.53 billion, a price-to-earnings ratio of -20.20 and a beta of 2.71.

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

Hedge Funds Weigh In On Praxis Precision Medicines

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

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.