Truist Financial Reiterates “Buy” Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reissued by analysts at Truist Financial in a note issued to investors on Friday,Benzinga reports. They presently have a $360.00 price target on the stock, up from their previous price target of $85.00. Truist Financial’s target price would indicate a potential upside of 89.48% from the company’s current price.

PRAX has been the subject of a number of other reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Praxis Precision Medicines in a report on Wednesday, October 8th. Jones Trading initiated coverage on shares of Praxis Precision Medicines in a report on Thursday, September 18th. They set a “buy” rating and a $83.00 price objective for the company. Lifesci Capital raised shares of Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, September 3rd. HC Wainwright lifted their price objective on shares of Praxis Precision Medicines from $115.00 to $232.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Chardan Capital set a $330.00 price objective on shares of Praxis Precision Medicines and gave the stock a “buy” rating in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $218.27.

Praxis Precision Medicines Price Performance

PRAX opened at $189.99 on Friday. The company has a fifty day moving average price of $52.80 and a 200-day moving average price of $45.84. The firm has a market capitalization of $4.00 billion, a P/E ratio of -15.46 and a beta of 2.62. Praxis Precision Medicines has a one year low of $26.70 and a one year high of $205.89.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Monday, August 4th. The company reported ($3.31) EPS for the quarter, beating analysts’ consensus estimates of ($3.40) by $0.09. On average, analysts expect that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Institutional Trading of Praxis Precision Medicines

Hedge funds have recently added to or reduced their stakes in the business. Woodline Partners LP lifted its stake in Praxis Precision Medicines by 1,666.5% in the first quarter. Woodline Partners LP now owns 175,727 shares of the company’s stock worth $6,655,000 after purchasing an additional 165,779 shares during the last quarter. GAMMA Investing LLC lifted its stake in Praxis Precision Medicines by 6,075.4% in the first quarter. GAMMA Investing LLC now owns 4,014 shares of the company’s stock worth $152,000 after purchasing an additional 3,949 shares during the last quarter. Rhumbline Advisers increased its position in shares of Praxis Precision Medicines by 6.7% in the first quarter. Rhumbline Advisers now owns 24,294 shares of the company’s stock valued at $920,000 after acquiring an additional 1,525 shares during the period. Aberdeen Group plc increased its position in shares of Praxis Precision Medicines by 143.5% in the second quarter. Aberdeen Group plc now owns 214,056 shares of the company’s stock valued at $9,001,000 after acquiring an additional 126,153 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in shares of Praxis Precision Medicines by 19.1% in the second quarter. Assenagon Asset Management S.A. now owns 604,298 shares of the company’s stock valued at $25,411,000 after acquiring an additional 96,898 shares during the period. 67.84% of the stock is owned by institutional investors.

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.