BTIG Research Reaffirms Buy Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reissued by equities researchers at BTIG Research in a report released on Friday,Benzinga reports. They presently have a $843.00 price target on the stock. BTIG Research’s price objective points to a potential upside of 152.94% from the stock’s previous close.

A number of other research firms have also recently weighed in on PRAX. HC Wainwright reaffirmed a “buy” rating and set a $1,245.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, April 7th. Guggenheim reaffirmed a “buy” rating and set a $800.00 price target (up from $760.00) on shares of Praxis Precision Medicines in a report on Tuesday, February 10th. Piper Sandler reaffirmed an “overweight” rating and set a $1,200.00 price target (up from $450.00) on shares of Praxis Precision Medicines in a report on Wednesday, January 28th. Wedbush raised their price target on Praxis Precision Medicines from $95.00 to $130.00 and gave the company an “underperform” rating in a report on Friday, February 20th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, January 29th. Five analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $590.78.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock opened at $333.28 on Friday. The company has a market capitalization of $9.29 billion, a PE ratio of -24.76 and a beta of 2.76. Praxis Precision Medicines has a one year low of $35.21 and a one year high of $356.00. The business has a 50 day simple moving average of $317.78 and a 200 day simple moving average of $277.56.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, topping the consensus estimate of ($3.58) by $0.38. Equities analysts anticipate that Praxis Precision Medicines will post -14.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC boosted its position in Praxis Precision Medicines by 17.2% in the 4th quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock valued at $954,834,000 after buying an additional 476,227 shares during the last quarter. Perceptive Advisors LLC boosted its position in Praxis Precision Medicines by 27.6% in the 4th quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock valued at $588,297,000 after buying an additional 431,432 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its position in Praxis Precision Medicines by 13.3% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock valued at $83,031,000 after buying an additional 231,827 shares during the last quarter. Vanguard Group Inc. boosted its position in Praxis Precision Medicines by 15.3% in the 4th quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company’s stock valued at $430,595,000 after buying an additional 193,647 shares during the last quarter. Finally, Orbis Allan Gray Ltd bought a new position in Praxis Precision Medicines in the 4th quarter valued at $369,946,000. 67.84% of the stock is currently owned by institutional investors.

Praxis Precision Medicines Company Profile

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.