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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has earned a consensus rating of “Moderate Buy” from the nine research firms that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $143.44.

A number of analysts recently weighed in on PRAX shares. Oppenheimer restated an “outperform” rating and issued a $143.00 target price (up previously from $134.00) on shares of Praxis Precision Medicines in a research report on Wednesday, September 4th. Needham & Company LLC reiterated a “buy” rating and issued a $145.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, September 3rd. Guggenheim upped their target price on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Piper Sandler restated an “overweight” rating and issued a $270.00 price objective on shares of Praxis Precision Medicines in a report on Monday, July 1st. Finally, Wedbush upped their price target on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th.

Praxis Precision Medicines Stock Performance

Shares of PRAX opened at $57.54 on Thursday. The stock’s 50-day simple moving average is $55.74 and its 200 day simple moving average is $50.91. Praxis Precision Medicines has a 52-week low of $13.01 and a 52-week high of $67.21. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -3.63 and a beta of 2.72.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank purchased a new stake in shares of Praxis Precision Medicines in the second quarter worth approximately $25,000. Quarry LP bought a new stake in Praxis Precision Medicines during the second quarter valued at about $83,000. SG Americas Securities LLC purchased a new position in shares of Praxis Precision Medicines in the 1st quarter worth approximately $150,000. DLD Asset Management LP acquired a new position in shares of Praxis Precision Medicines during the fourth quarter worth $223,000. Finally, Chase Investment Counsel Corp purchased a new stake in Praxis Precision Medicines in the first quarter valued at about $229,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

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.