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

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have received a consensus rating of “Moderate Buy” from the nine brokerages that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $146.33.

A number of equities analysts have recently weighed in on PRAX shares. Needham & Company LLC reiterated a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. HC Wainwright reissued a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Wedbush upped their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a research note on Wednesday, August 14th. Oppenheimer lifted their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Finally, 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 research report on Wednesday, August 14th.

Praxis Precision Medicines Price Performance

Shares of PRAX opened at $76.88 on Friday. The firm has a market capitalization of $1.43 billion, a PE ratio of -7.46 and a beta of 2.67. The company’s 50-day moving average is $66.29 and its 200-day moving average is $54.75. Praxis Precision Medicines has a fifty-two week low of $13.50 and a fifty-two week high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate of ($2.01) by ($0.74). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The company had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. During the same period in the prior year, the company earned ($2.70) earnings per share. Analysts predict that Praxis Precision Medicines will post -10.26 earnings per share for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Several large investors have recently made changes to their positions in PRAX. Price T Rowe Associates Inc. MD acquired a new stake in Praxis Precision Medicines in the first quarter valued at about $32,707,000. Vanguard Group Inc. boosted its stake 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 valued at $45,403,000 after purchasing an additional 373,131 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Praxis Precision Medicines by 523.2% in the 2nd quarter. Renaissance Technologies LLC now owns 75,433 shares of the company’s stock valued at $3,120,000 after purchasing an additional 63,329 shares in the last quarter. TD Asset Management Inc grew its holdings in shares of Praxis Precision Medicines by 46.6% during the 2nd quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock valued at $2,122,000 after purchasing an additional 16,312 shares during the last quarter. Finally, Moody Aldrich Partners LLC increased its position in Praxis Precision Medicines by 29.6% during the 3rd quarter. Moody Aldrich Partners LLC now owns 31,605 shares of the company’s stock worth $1,819,000 after purchasing an additional 7,224 shares in the last quarter. Institutional investors and hedge funds 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.