Praxis Precision Medicines (NASDAQ:PRAX) Research Coverage Started at Wolfe Research

Wolfe Research assumed coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report issued on Monday morning, Marketbeat.com reports. The brokerage issued an outperform rating and a $500.00 target price on the stock.

Several other brokerages have also recently issued reports on PRAX. BTIG Research reissued a “buy” rating and issued a $843.00 target price (up from $507.00) on shares of Praxis Precision Medicines in a research report on Monday, December 29th. HC Wainwright restated a “buy” rating and set a $1,245.00 target price (up from $340.00) on shares of Praxis Precision Medicines in a research report on Friday, January 30th. Jefferies Financial Group reaffirmed a “buy” rating and set a $450.00 target price (up from $300.00) on shares of Praxis Precision Medicines in a report on Tuesday, December 9th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $412.00 price target on shares of Praxis Precision Medicines in a research note on Friday, February 20th. Finally, 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. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $576.12.

Praxis Precision Medicines Stock Up 1.4%

PRAX opened at $347.55 on Monday. The stock has a market capitalization of $9.68 billion, a price-to-earnings ratio of -25.82 and a beta of 2.84. The firm has a 50 day moving average price of $304.92 and a 200-day moving average price of $185.40. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $356.00.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, February 19th. The company reported ($3.50) EPS for the quarter, missing analysts’ consensus estimates of ($3.00) by ($0.50). As a group, analysts expect that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of large investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its stake in Praxis Precision Medicines by 88.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock worth $26,000 after buying an additional 295 shares during the period. CWM LLC raised its position in shares of Praxis Precision Medicines by 877.9% in the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock worth $32,000 after acquiring an additional 676 shares in the last quarter. NBC Securities Inc. purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter worth $38,000. Danske Bank A S bought a new stake in Praxis Precision Medicines during the fourth quarter valued at about $59,000. Finally, GAMMA Investing LLC grew its stake in Praxis Precision Medicines by 58.7% in the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after purchasing an additional 88 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.