Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has earned an average recommendation of “Moderate Buy” from the ten research firms that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation and nine have issued a buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $109.90.

A number of research firms have weighed in on PRAX. Chardan Capital began coverage on shares of Praxis Precision Medicines in a research report on Wednesday, May 7th. They issued a “buy” rating and a $80.00 price objective for the company. Deutsche Bank Aktiengesellschaft started coverage on Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a “buy” rating and a $111.00 price objective for the company. Robert W. Baird cut their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, May 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price target on shares of Praxis Precision Medicines in a research note on Monday, May 5th.

Praxis Precision Medicines Trading Up 3.3%

Shares of Praxis Precision Medicines stock opened at $39.82 on Tuesday. The company has a fifty day moving average price of $35.66 and a 200 day moving average price of $56.69. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $91.83. The stock has a market cap of $811.09 million, a price-to-earnings ratio of -3.87 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) EPS for the quarter, missing the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. Analysts forecast that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Institutional Trading of Praxis Precision Medicines

Large investors have recently added to or reduced their stakes in the company. Cormorant Asset Management LP boosted its position in shares of Praxis Precision Medicines by 3.1% in the first quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company’s stock worth $66,083,000 after buying an additional 51,781 shares during the period. Adage Capital Partners GP L.L.C. lifted its stake in Praxis Precision Medicines by 188.1% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 1,742,758 shares of the company’s stock worth $65,998,000 after acquiring an additional 1,137,748 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Praxis Precision Medicines by 7.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,208,522 shares of the company’s stock worth $93,008,000 after acquiring an additional 88,442 shares during the period. Vanguard Group Inc. grew its stake in Praxis Precision Medicines by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 1,087,020 shares of the company’s stock valued at $41,165,000 after acquiring an additional 23,381 shares in the last quarter. Finally, VR Adviser LLC increased its holdings in shares of Praxis Precision Medicines by 40.2% in the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock valued at $76,189,000 after purchasing an additional 283,854 shares during the period. 67.84% of the stock is owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.