Praxis Precision Medicines (NASDAQ:PRAX) Stock Rated Overweight in New Coverage at JPMorgan Chase & Co.

Research analysts at JPMorgan Chase & Co. started coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note issued on Friday, Briefing.com reports. The firm set an “overweight” rating and a $700.00 price target on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 181.99% from the company’s current price.

A number of other brokerages have also commented on PRAX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research note on Monday, August 24th. Wells Fargo & Company restated a “positive” rating and set a $362.00 price objective (up from $323.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. UBS Group initiated coverage on shares of Praxis Precision Medicines in a research report on Wednesday. They set a “buy” rating and a $706.00 price objective for the company. Raymond James Financial restated a “strong-buy” rating and set a $945.00 price objective on shares of Praxis Precision Medicines in a report on Monday, August 17th. Finally, HC Wainwright reiterated a “buy” rating and set a $1,201.00 target price on shares of Praxis Precision Medicines in a research note on Thursday. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $615.40.

Praxis Precision Medicines Price Performance

Shares of PRAX opened at $248.24 on Friday. The firm has a 50-day moving average of $324.07 and a 200-day moving average of $318.85. The company has a market cap of $6.93 billion, a PE ratio of -19.20 and a beta of 2.79. Praxis Precision Medicines has a one year low of $154.45 and a one year high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.67) by $0.80. Analysts expect that Praxis Precision Medicines will post -13.90 earnings per share for the current year.

Institutional Trading of Praxis Precision Medicines

Institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC grew its holdings in shares of Praxis Precision Medicines by 10.3% during the 2nd quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock worth $111,000 after purchasing an additional 31 shares in the last quarter. KBC Group NV raised its stake in Praxis Precision Medicines by 5.8% in the first quarter. KBC Group NV now owns 715 shares of the company’s stock valued at $230,000 after purchasing an additional 39 shares in the last quarter. Carl P. Sherr & Co. LLC lifted its position in 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 purchasing an additional 75 shares during the period. Integrated Wealth Concepts LLC bought a new stake in Praxis Precision Medicines during the second quarter worth about $38,000. Finally, Parallel Advisors LLC lifted its position in Praxis Precision Medicines by 3,000.0% during the first quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after purchasing an additional 120 shares during the period. 67.84% of the stock is currently owned by institutional investors.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for central nervous system disorders. The company uses insights from human genetics, neuroscience and its Cerebrum™ platform to identify and advance medicines for conditions in which existing treatment options may be limited.

Praxis’ pipeline has included investigational treatments for epilepsies and other neurological disorders, including developmental and epileptic encephalopathies, essential tremor and movement-related conditions.