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

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have been assigned a consensus rating of “Moderate Buy” from the nineteen ratings firms that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation, twelve have issued a buy recommendation and four have given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $576.1176.

A number of equities research analysts have recently commented on PRAX shares. Truist Financial raised shares of Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, March 25th. UBS Group set a $750.00 price target on shares of Praxis Precision Medicines in a report on Monday, December 15th. Wedbush raised their price target on shares of Praxis Precision Medicines from $95.00 to $130.00 and gave the company an “underperform” 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 company an “outperform” rating in a report on Friday, February 20th. Finally, Wolfe Research began coverage on shares of Praxis Precision Medicines in a research note on Monday, February 23rd. They set an “outperform” rating and a $500.00 target price on the stock.

Praxis Precision Medicines Price Performance

Shares of PRAX opened at $290.10 on Monday. Praxis Precision Medicines has a 52 week low of $26.70 and a 52 week high of $356.00. The company has a market capitalization of $8.08 billion, a price-to-earnings ratio of -21.55 and a beta of 2.86. The stock’s 50-day moving average price is $314.48 and its 200-day moving average price is $226.97.

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

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds have recently bought and sold shares of PRAX. Janus Henderson Group PLC grew its holdings in Praxis Precision Medicines by 17.2% in the fourth quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock valued at $954,834,000 after purchasing an additional 476,227 shares during the period. Perceptive Advisors LLC raised its stake in shares of Praxis Precision Medicines by 27.6% during the 4th quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock worth $588,297,000 after buying an additional 431,432 shares during the period. Adage Capital Partners GP L.L.C. lifted its position in shares of Praxis Precision Medicines by 13.3% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock valued at $83,031,000 after buying an additional 231,827 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Praxis Precision Medicines by 15.3% during the 4th quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company’s stock valued at $430,595,000 after buying an additional 193,647 shares in the last quarter. Finally, Orbis Allan Gray Ltd acquired a new stake in Praxis Precision Medicines in the 4th quarter valued at $369,946,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

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.