Brokerages Set Praxis Precision Medicines, Inc. (NASDAQ:PRAX) PT at $143.44

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been given a consensus recommendation of “Moderate Buy” by the nine analysts that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $143.44.

Several research firms have weighed in on PRAX. Wedbush increased their target price on Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a research note on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, September 10th. Piper Sandler restated an “overweight” rating and set a $270.00 price objective on shares of Praxis Precision Medicines in a report on Monday, July 1st. Guggenheim increased their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Finally, Oppenheimer reissued an “outperform” rating and issued a $143.00 price target (up previously from $134.00) on shares of Praxis Precision Medicines in a report on Wednesday, September 4th.

Praxis Precision Medicines Trading Up 1.5 %

Shares of NASDAQ PRAX opened at $71.54 on Monday. The firm has a market capitalization of $1.22 billion, a PE ratio of -4.51 and a beta of 2.73. The firm’s 50-day moving average is $60.71 and its 200-day moving average is $52.64. Praxis Precision Medicines has a 1 year low of $13.01 and a 1 year high of $75.73.

Praxis Precision Medicines (NASDAQ:PRAX) last released 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 firm had revenue of $0.36 million during the quarter, compared to analyst estimates 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, equities research analysts anticipate that Praxis Precision Medicines will post -8.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRAX. Amalgamated Bank acquired a new stake in shares of Praxis Precision Medicines in the 2nd quarter valued at about $25,000. Quarry LP acquired a new stake in Praxis Precision Medicines in the 2nd quarter valued at approximately $83,000. SG Americas Securities LLC bought a new stake in Praxis Precision Medicines in the 1st quarter valued at approximately $150,000. Chase Investment Counsel Corp bought a new stake in Praxis Precision Medicines in the 1st quarter valued at approximately $229,000. Finally, Boulder Hill Capital Management LP acquired a new position in Praxis Precision Medicines during the 1st quarter worth approximately $256,000. 67.84% of the stock is owned by institutional investors and hedge funds.

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.