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

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have earned a consensus recommendation of “Moderate Buy” from the nine analysts that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $143.44.

A number of research analysts have weighed in on PRAX shares. Piper Sandler reissued an “overweight” rating and issued a $270.00 target price on shares of Praxis Precision Medicines in a report on Monday, July 1st. Wedbush raised their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, August 14th. HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd. Oppenheimer reiterated an “outperform” rating and set a $143.00 price target (up previously from $134.00) on shares of Praxis Precision Medicines in a research note on Wednesday. Finally, Truist Financial restated a “buy” rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, May 16th.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Point72 Asset Management L.P. grew its position in shares of Praxis Precision Medicines by 10.2% during the second quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock worth $43,498,000 after purchasing an additional 97,561 shares in the last quarter. RA Capital Management L.P. purchased a new stake in Praxis Precision Medicines during the 1st quarter valued at approximately $50,548,000. Vanguard Group Inc. raised its position in shares of Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after buying an additional 373,131 shares during the last quarter. Price T Rowe Associates Inc. MD purchased a new position in shares of Praxis Precision Medicines in the first quarter worth $32,707,000. Finally, Kingdon Capital Management L.L.C. lifted its holdings in shares of Praxis Precision Medicines by 1.0% in the first quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock worth $21,357,000 after buying an additional 3,335 shares in the last quarter. 67.84% of the stock is owned by institutional investors.

Praxis Precision Medicines Stock Down 8.5 %

PRAX opened at $54.02 on Friday. The stock has a market capitalization of $924.17 million, a price-to-earnings ratio of -3.41 and a beta of 2.72. The firm has a 50 day moving average price of $52.17 and a 200-day moving average price of $49.96. Praxis Precision Medicines has a twelve month low of $13.01 and a twelve month high of $67.21.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Tuesday, August 13th. The company reported ($1.74) EPS for the quarter, topping analysts’ consensus estimates of ($2.38) by $0.64. The business had revenue of $0.36 million during the quarter, compared to the consensus estimate of $1.44 million. Praxis Precision Medicines had a negative net margin of 6,987.01% and a negative return on equity of 61.47%. As a group, analysts expect that Praxis Precision Medicines will post -8.5 earnings per share for the current year.

Praxis Precision Medicines Company Profile

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.