Praxis Precision Medicines (NASDAQ:PRAX) Hits New 1-Year High After Analyst Upgrade

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) hit a new 52-week high during trading on Wednesday after Truist Financial raised their price target on the stock from $700.00 to $715.00. Truist Financial currently has a buy rating on the stock. Praxis Precision Medicines traded as high as $358.01 and last traded at $343.4050, with a volume of 49254 shares trading hands. The stock had previously closed at $343.20.

Other analysts have also recently issued reports about the company. Wedbush increased their price target on Praxis Precision Medicines from $130.00 to $166.00 and gave the stock an “underperform” rating in a research report on Friday, May 8th. Wells Fargo & Company set a $305.00 price objective on Praxis Precision Medicines and gave the stock an “equal weight” rating in a research note on Friday, February 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $510.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, April 14th. Jefferies Financial Group reiterated a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, May 7th. Finally, Guggenheim reissued 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. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $592.67.

Trending Headlines about Praxis Precision Medicines

Here are the key news stories impacting Praxis Precision Medicines this week:

• Positive Sentiment: Truist Financial raised its price target on PRAX to $715 from $700 and kept a Buy rating, signaling continued confidence in the company’s upside. Benzinga report
• Positive Sentiment: HC Wainwright maintained a Buy rating and $1,245 price target, and also lifted its longer-term FY2028 and FY2029 earnings estimates, which may have helped sentiment around the stock’s long-term potential.
• Neutral Sentiment: Praxis Precision Medicines presented at the Bank of America Global Healthcare Conference, keeping investor attention on its pipeline and launch plans. Conference transcript
• Neutral Sentiment: The company’s recent earnings call highlighted its “high-stakes launch path,” suggesting investors are focused on upcoming commercialization and execution milestones. TipRanks article
• Negative Sentiment: Several analysts cut near-term 2026 EPS estimates, including Lifesci Capital and HC Wainwright, reflecting continued expectations for heavy losses in the coming quarters.

Institutional Trading of Praxis Precision Medicines

Large investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC boosted its position in Praxis Precision Medicines by 3,000.0% during the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after acquiring an additional 120 shares during the period. NBC Securities Inc. acquired a new position in shares of Praxis Precision Medicines during the fourth quarter valued at $38,000. Danske Bank A S bought a new stake in shares of Praxis Precision Medicines during the fourth quarter valued at about $59,000. GAMMA Investing LLC raised its stake 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 purchasing an additional 88 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in Praxis Precision Medicines by 60.0% in the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock worth $108,000 after purchasing an additional 138 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Trading Down 0.9%

The stock’s 50-day moving average is $317.39 and its 200-day moving average is $280.77. The stock has a market cap of $9.49 billion, a P/E ratio of -25.53 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, topping analysts’ consensus estimates of ($3.58) by $0.38. On average, equities analysts forecast that Praxis Precision Medicines, Inc. will post -15.28 EPS for the current year.

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.