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

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have earned a consensus rating of “Moderate Buy” from the nine research firms that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and eight have assigned 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 $123.33.

PRAX has been the subject of several recent analyst reports. Wedbush lowered Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research note on Friday, February 28th. Robert W. Baird lowered their target price on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. HC Wainwright reduced their price target on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a research report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price objective for the company. Finally, Needham & Company LLC reduced their target price on shares of Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock opened at $38.19 on Thursday. The firm has a fifty day moving average of $62.81 and a 200-day moving average of $67.65. Praxis Precision Medicines has a 52-week low of $30.01 and a 52-week high of $91.83. The stock has a market cap of $770.02 million, a price-to-earnings ratio of -3.71 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Friday, February 28th. The company reported ($2.94) EPS for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The business had revenue of $7.48 million for the quarter, compared to the consensus estimate of $0.36 million. On average, sell-side analysts predict that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Institutional Trading of Praxis Precision Medicines

Institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. boosted its position in shares of Praxis Precision Medicines by 5,437.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock worth $43,027,000 after purchasing an additional 548,986 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Praxis Precision Medicines by 77.5% during the fourth quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock worth $71,621,000 after buying an additional 405,957 shares during the last quarter. VR Adviser LLC grew its position in shares of Praxis Precision Medicines by 40.2% during the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock worth $76,189,000 after buying an additional 283,854 shares during the period. Alyeska Investment Group L.P. bought a new stake in shares of Praxis Precision Medicines in the 4th quarter valued at about $17,454,000. Finally, Franklin Resources Inc. increased its stake in shares of Praxis Precision Medicines by 85.6% in the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after acquiring an additional 205,335 shares during the last quarter. Institutional investors and hedge funds 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.