Guggenheim Raises Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $170.00

Praxis Precision Medicines (NASDAQ:PRAX) had its price target raised by Guggenheim from $155.00 to $170.00 in a research note released on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued reports about the company. Truist Financial reissued a buy rating and issued a $150.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, May 16th. Oppenheimer reaffirmed an outperform rating and set a $134.00 price objective on shares of Praxis Precision Medicines in a report on Wednesday. Wedbush increased their target price on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a neutral rating in a research report on Wednesday. HC Wainwright reiterated a buy rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, May 14th. Finally, Needham & Company LLC restated a buy rating and issued a $145.00 target price on shares of Praxis Precision Medicines in a research note on Monday, August 12th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $142.44.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock opened at $52.85 on Wednesday. Praxis Precision Medicines has a 52 week low of $13.01 and a 52 week high of $67.21. The firm’s 50-day simple moving average is $48.01 and its two-hundred day simple moving average is $48.85. The firm has a market cap of $904.16 million, a price-to-earnings ratio of -3.33 and a beta of 2.73.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Simplex Trading LLC bought a new stake in Praxis Precision Medicines during the fourth quarter valued at approximately $31,000. Victory Capital Management Inc. increased its stake in Praxis Precision Medicines by 25.0% in the fourth quarter. Victory Capital Management Inc. now owns 15,705 shares of the company’s stock valued at $350,000 after acquiring an additional 3,137 shares during the last quarter. DLD Asset Management LP purchased a new stake in Praxis Precision Medicines during the fourth quarter valued at about $223,000. Wildcat Capital Management LLC bought a new stake in Praxis Precision Medicines during the fourth quarter worth about $373,000. Finally, PCG Wealth Advisors LLC purchased a new position in shares of Praxis Precision Medicines in the 1st quarter worth about $788,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.