Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Stock Now Rated “Moderate Buy” by Wall Street Analysts

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been assigned a consensus rating of “Moderate Buy” from the twenty-two research firms that are covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, seventeen have issued a buy recommendation and three have given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $630.42.

A number of research firms recently commented on PRAX. JPMorgan Chase & Co. initiated coverage on Praxis Precision Medicines in a report on Friday, October 16th. They issued an “overweight” rating and a $700.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and issued a $582.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, September 24th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $462.00 price target (up from $449.00) on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Robert W. Baird set a $514.00 price target on Praxis Precision Medicines in a report on Friday, August 7th. Finally, Piper Sandler reissued an “overweight” rating on shares of Praxis Precision Medicines in a research report on Monday, July 13th.

Praxis Precision Medicines Price Performance

PRAX opened at $258.92 on Friday. The firm has a market capitalization of $7.23 billion, a price-to-earnings ratio of -20.02 and a beta of 2.79. The company’s 50 day simple moving average is $312.64 and its two-hundred day simple moving average is $317.04. Praxis Precision Medicines has a 1-year low of $154.45 and a 1-year high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, beating the consensus estimate of ($3.67) by $0.80. On average, equities analysts anticipate that Praxis Precision Medicines will post -14.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in shares of Praxis Precision Medicines by 10.3% in the second quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock valued at $111,000 after purchasing an additional 31 shares during the period. KBC Group NV grew its stake in shares of Praxis Precision Medicines by 5.8% in the first quarter. KBC Group NV now owns 715 shares of the company’s stock worth $230,000 after acquiring an additional 39 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Praxis Precision Medicines by 0.9% during the third quarter. Nisa Investment Advisors LLC now owns 6,167 shares of the company’s stock worth $1,796,000 after acquiring an additional 56 shares during the period. Carl P. Sherr & Co. LLC increased its position in shares of Praxis Precision Medicines by 8.4% during the first quarter. Carl P. Sherr & Co. LLC now owns 972 shares of the company’s stock worth $313,000 after acquiring an additional 75 shares during the period. Finally, Eagle Bay Advisors LLC raised its stake in shares of Praxis Precision Medicines by 11.3% in the third quarter. Eagle Bay Advisors LLC now owns 1,064 shares of the company’s stock valued at $310,000 after acquiring an additional 108 shares in the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for disorders of the central nervous system. The company applies its Cerebrum™ platform, which combines human genetics, neuroscience and data science, to identify disease mechanisms and advance precision medicines for patients with neurological and psychiatric conditions.

Its pipeline has included investigational treatments for epilepsy and other severe neurological disorders. Key programs have included PRAX-628, a small-molecule antiseizure medicine candidate, and elsunersen, an antisense oligonucleotide program being developed for certain genetically defined forms of epilepsy.