Wedbush Forecasts Strong Price Appreciation for Praxis Precision Medicines (NASDAQ:PRAX) Stock

Praxis Precision Medicines (NASDAQ:PRAX) had its target price increased by Wedbush from $130.00 to $166.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “underperform” rating on the stock. Wedbush’s price target would suggest a potential downside of 50.53% from the stock’s current price.

A number of other research analysts have also weighed in on the stock. Jefferies Financial Group reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday. TD Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, January 29th. Guggenheim reaffirmed a “buy” rating and issued a $800.00 price target (up from $760.00) on shares of Praxis Precision Medicines in a research note on Tuesday, February 10th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $437.00 price target on shares of Praxis Precision Medicines in a research note on Wednesday, April 15th. Finally, Raymond James Financial started coverage on shares of Praxis Precision Medicines in a research note on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 price target on the stock. Five analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $592.78.

Praxis Precision Medicines Stock Up 0.7%

PRAX stock opened at $335.54 on Friday. The company’s 50-day simple moving average is $317.78 and its 200-day simple moving average is $277.56. Praxis Precision Medicines has a 52-week low of $35.21 and a 52-week high of $356.00. The firm has a market cap of $9.35 billion, a P/E ratio of -24.93 and a beta of 2.76.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new position in Praxis Precision Medicines in the 3rd quarter worth approximately $715,000. Arizona State Retirement System purchased a new position in Praxis Precision Medicines in the 3rd quarter worth approximately $287,000. Coastal Bridge Advisors LLC purchased a new position in Praxis Precision Medicines in the 3rd quarter worth approximately $204,000. Rafferty Asset Management LLC lifted its stake in Praxis Precision Medicines by 51.5% in the 3rd quarter. Rafferty Asset Management LLC now owns 37,573 shares of the company’s stock worth $1,991,000 after purchasing an additional 12,768 shares in the last quarter. Finally, Algert Global LLC lifted its stake in Praxis Precision Medicines by 483.3% in the 3rd quarter. Algert Global LLC now owns 160,818 shares of the company’s stock worth $8,523,000 after purchasing an additional 133,248 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.