Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives $576.12 Consensus Target Price from Brokerages

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have been given a consensus rating of “Moderate Buy” by the nineteen analysts that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, one has given a hold recommendation, thirteen have assigned a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $576.1176.

Several analysts recently commented on PRAX shares. TD Cowen reissued a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, January 29th. Needham & Company LLC lifted their price target on shares of Praxis Precision Medicines from $460.00 to $510.00 and gave the stock a “buy” rating in a research report on Wednesday, February 4th. Guggenheim reaffirmed a “buy” rating and issued a $800.00 price target (up from $760.00) on shares of Praxis Precision Medicines in a report on Tuesday, February 10th. Robert W. Baird set a $433.00 price objective on Praxis Precision Medicines and gave the company an “outperform” rating in a research report on Friday, February 20th. Finally, Truist Financial raised their price objective on Praxis Precision Medicines from $500.00 to $700.00 and gave the stock a “buy” rating in a research note on Friday, February 20th.

Praxis Precision Medicines Trading Down 0.5%

Shares of Praxis Precision Medicines stock opened at $309.01 on Thursday. Praxis Precision Medicines has a 52 week low of $26.70 and a 52 week high of $356.00. The stock has a market cap of $8.61 billion, a PE ratio of -22.96 and a beta of 2.86. The company’s 50-day moving average price is $312.04 and its two-hundred day moving average price is $201.92.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Thursday, February 19th. The company reported ($3.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($3.00) by ($0.50). On average, equities analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC raised its holdings in Praxis Precision Medicines by 88.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock worth $26,000 after buying an additional 295 shares during the period. CWM LLC boosted its holdings in shares of Praxis Precision Medicines by 877.9% in the second quarter. CWM LLC now owns 753 shares of the company’s stock worth $32,000 after buying an additional 676 shares during the period. NBC Securities Inc. purchased a new position in shares of Praxis Precision Medicines in the fourth quarter worth approximately $38,000. Danske Bank A S purchased a new position in shares of Praxis Precision Medicines in the fourth quarter worth approximately $59,000. Finally, GAMMA Investing LLC raised its holdings in shares of Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after acquiring an additional 88 shares during the period. Institutional investors and hedge funds own 67.84% of the company’s stock.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.