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

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have earned a consensus recommendation of “Moderate Buy” from the twenty brokerages that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, one has issued a hold recommendation, thirteen have given a buy recommendation and four have issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $592.6667.

Several research firms recently issued reports on PRAX. Needham & Company LLC reaffirmed a “buy” rating and issued a $510.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, April 14th. Wells Fargo & Company set a $305.00 price target on shares of Praxis Precision Medicines and gave the company an “equal weight” rating in a report on Friday, February 20th. Piper Sandler reaffirmed an “overweight” rating and issued a $1,200.00 price target (up from $450.00) on shares of Praxis Precision Medicines in a report on Wednesday, January 28th. Robert W. Baird set a $433.00 price target on shares of Praxis Precision Medicines and gave the company an “outperform” rating in a report on Friday, February 20th. Finally, Wolfe Research began coverage on shares of Praxis Precision Medicines in a report on Monday, February 23rd. They issued an “outperform” rating and a $500.00 price target on the stock.

Praxis Precision Medicines Trading Down 2.0%

Shares of PRAX stock opened at $343.56 on Tuesday. The company has a market capitalization of $9.58 billion, a PE ratio of -25.70 and a beta of 2.76. The firm has a fifty day simple moving average of $321.28 and a 200-day simple moving average of $288.40. Praxis Precision Medicines has a twelve month low of $35.21 and a twelve month high of $358.76.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, beating the consensus estimate of ($3.58) by $0.38. Equities research analysts predict that Praxis Precision Medicines will post -14.79 EPS for the current year.

Institutional Trading of Praxis Precision Medicines

Several institutional investors have recently added to or reduced their stakes in PRAX. Orbis Allan Gray Ltd acquired a new stake in Praxis Precision Medicines in the fourth quarter valued at $369,946,000. Janus Henderson Group PLC raised its holdings in shares of Praxis Precision Medicines by 17.2% during the fourth quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock worth $954,834,000 after purchasing an additional 476,227 shares during the period. Barclays PLC raised its holdings in shares of Praxis Precision Medicines by 592.6% during the fourth quarter. Barclays PLC now owns 530,751 shares of the company’s stock worth $156,434,000 after purchasing an additional 454,114 shares during the period. Baker BROS. Advisors LP raised its holdings in shares of Praxis Precision Medicines by 63.4% during the fourth quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock worth $332,021,000 after purchasing an additional 437,000 shares during the period. Finally, Perceptive Advisors LLC raised its holdings in shares of Praxis Precision Medicines by 27.6% during the fourth quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock worth $588,297,000 after purchasing an additional 431,432 shares during the period. 67.84% of the stock is owned by institutional investors and hedge funds.

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.