Brokerages Set Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Price Target at $114.00

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have received an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $114.00.

PRAX has been the subject of a number of recent analyst reports. Guggenheim initiated coverage on Praxis Precision Medicines in a research report on Tuesday. They issued a “buy” rating and a $155.00 target price for 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. Robert W. Baird initiated coverage on Praxis Precision Medicines in a research report on Wednesday, May 1st. They issued an “outperform” rating and a $117.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and set a $105.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, May 14th. Finally, Jefferies Financial Group upped their price target on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the company a “buy” rating in a research report on Tuesday, March 26th.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jump Financial LLC bought a new position in shares of Praxis Precision Medicines during the 3rd quarter valued at approximately $56,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Praxis Precision Medicines by 45.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock valued at $96,000 after acquiring an additional 17,428 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its position in Praxis Precision Medicines by 10.7% in the third quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock worth $15,014,000 after buying an additional 849,362 shares during the last quarter. Acuta Capital Partners LLC increased its stake in Praxis Precision Medicines by 5.5% in the third quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock worth $7,669,000 after purchasing an additional 235,000 shares during the period. Finally, Citigroup Inc. increased its stake in Praxis Precision Medicines by 44,585.5% in the third quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock worth $142,000 after purchasing an additional 82,929 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Price Performance

PRAX opened at $40.11 on Tuesday. The stock has a 50-day moving average price of $47.04 and a 200-day moving average price of $42.33. The firm has a market cap of $686.28 million, a PE ratio of -2.53 and a beta of 2.78. Praxis Precision Medicines has a 1 year low of $12.75 and a 1 year high of $67.21.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Monday, May 13th. The company reported ($2.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.83). Praxis Precision Medicines had a negative return on equity of 101.99% and a negative net margin of 5,711.85%. The business had revenue of $0.43 million during the quarter, compared to analysts’ expectations of $2.75 million. As a group, sell-side analysts anticipate that Praxis Precision Medicines will post -10.13 EPS 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.