HC Wainwright Has Lowered Expectations for Praxis Precision Medicines (NASDAQ:PRAX) Stock Price

Praxis Precision Medicines (NASDAQ:PRAX) had its target price decreased by stock analysts at HC Wainwright from $1,245.00 to $1,201.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective suggests a potential upside of 258.34% from the stock’s current price.

PRAX has been the topic of a number of other reports. Robert W. Baird set a $433.00 price objective on Praxis Precision Medicines and gave the stock an “outperform” rating in a research note on Friday, February 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Wednesday, May 27th. Raymond James Financial initiated coverage on Praxis Precision Medicines in a report on Friday, April 10th. They set a “strong-buy” rating and a $815.00 price target for the company. Guggenheim reiterated 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. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $374.00 price target on shares of Praxis Precision Medicines in a report on Tuesday. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $585.83.

Praxis Precision Medicines Stock Down 4.2%

NASDAQ:PRAX opened at $335.16 on Tuesday. Praxis Precision Medicines has a 12 month low of $37.19 and a 12 month high of $366.52. The firm has a market cap of $9.34 billion, a price-to-earnings ratio of -25.07 and a beta of 2.71. The company’s 50 day moving average is $327.22 and its 200-day moving average is $296.62.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, topping analysts’ consensus estimates of ($3.58) by $0.38. Research analysts predict that Praxis Precision Medicines will post -14.79 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

A number of institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC lifted its holdings in Praxis Precision Medicines by 6.8% during the 1st quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock worth $1,113,514,000 after purchasing an additional 218,777 shares in the last quarter. Perceptive Advisors LLC boosted its position in shares of Praxis Precision Medicines by 2.0% during the 1st quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock valued at $655,974,000 after acquiring an additional 40,000 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its position in shares of Praxis Precision Medicines by 13.3% during 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 acquiring an additional 231,827 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Praxis Precision Medicines by 15.3% during the fourth quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company’s stock worth $430,595,000 after purchasing an additional 193,647 shares in the last quarter. Finally, Orbis Allan Gray Ltd bought a new position in shares of Praxis Precision Medicines in the fourth quarter worth approximately $369,946,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

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.