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

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

Several equities research analysts recently issued reports 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. Guggenheim raised their price objective on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $145.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd. Wedbush increased 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. Finally, Oppenheimer restated an “outperform” rating and issued a $143.00 price objective (up from $134.00) on shares of Praxis Precision Medicines in a research report on Wednesday, September 4th.

Institutional Trading of Praxis Precision Medicines

A number of large investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. raised its position in shares of Praxis Precision Medicines by 10.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock valued at $43,498,000 after buying an additional 97,561 shares in the last quarter. RA Capital Management L.P. purchased a new stake in Praxis Precision Medicines during the first quarter valued at approximately $50,548,000. Vanguard Group Inc. boosted its holdings in shares of Praxis Precision Medicines by 100.6% in the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after purchasing an additional 373,131 shares during the period. Price T Rowe Associates Inc. MD purchased a new position in shares of Praxis Precision Medicines in the 1st quarter worth approximately $32,707,000. Finally, Kingdon Capital Management L.L.C. increased its position in shares of Praxis Precision Medicines by 1.0% during the 1st quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock valued at $21,357,000 after purchasing an additional 3,335 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

Shares of PRAX stock opened at $58.25 on Thursday. Praxis Precision Medicines has a 1 year low of $13.01 and a 1 year high of $67.21. The firm has a fifty day moving average price of $55.60 and a 200-day moving average price of $50.85. The company has a market cap of $1.03 billion, a price-to-earnings ratio of -3.67 and a beta of 2.72.

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