Praxis Precision Medicines (NASDAQ:PRAX) Raised to “Strong-Buy” at Truist Financial

Praxis Precision Medicines (NASDAQ:PRAX) was upgraded by research analysts at Truist Financial to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

Several other equities research analysts have also issued reports on the stock. BTIG Research reiterated a “buy” rating on shares of Praxis Precision Medicines in a research report on Monday, March 9th. Oppenheimer reissued an “outperform” rating and issued a $750.00 price target (up from $250.00) on shares of Praxis Precision Medicines in a report on Monday, December 15th. Wells Fargo & Company set a $305.00 price objective on shares of Praxis Precision Medicines and gave the company an “equal weight” rating in a research report on Friday, February 20th. Robert W. Baird set a $433.00 price objective on shares of Praxis Precision Medicines and gave the stock an “outperform” rating in a report on Friday, February 20th. Finally, HC Wainwright reiterated a “buy” rating and issued a $1,245.00 target price (up from $340.00) on shares of Praxis Precision Medicines in a research report on Friday, January 30th. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $576.12.

Praxis Precision Medicines Stock Down 3.0%

NASDAQ:PRAX opened at $302.69 on Wednesday. The business’s 50-day moving average price is $315.02 and its two-hundred day moving average price is $222.65. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $356.00. The stock has a market cap of $8.43 billion, a P/E ratio of -22.49 and a beta of 2.86.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Thursday, February 19th. The company reported ($3.50) EPS for the quarter, missing the consensus estimate of ($3.00) by ($0.50). On average, equities research analysts expect that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Several hedge funds have recently added to or reduced their stakes in PRAX. Seven Fleet Capital Management LP bought a new stake in shares of Praxis Precision Medicines in the 4th quarter valued at about $796,000. T. Rowe Price Investment Management Inc. purchased a new stake in Praxis Precision Medicines during the 4th quarter valued at about $81,464,000. Invesco Ltd. grew its position in Praxis Precision Medicines by 269.4% during the 4th quarter. Invesco Ltd. now owns 77,088 shares of the company’s stock worth $22,721,000 after acquiring an additional 56,220 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new position in Praxis Precision Medicines during the 4th quarter worth approximately $357,000. Finally, Mackenzie Financial Corp purchased a new position in Praxis Precision Medicines in the 4th quarter worth approximately $415,000. 67.84% of the stock is owned by 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.