Praxis Precision Medicines (NASDAQ:PRAX) Coverage Initiated at Raymond James Financial

Equities researchers at Raymond James Financial began coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note issued to investors on Friday, Marketbeat.com reports. The firm set a “strong-buy” rating and a $815.00 price target on the stock. Raymond James Financial’s price target would indicate a potential upside of 157.80% from the company’s current price.

Several other research analysts also recently weighed in on the stock. Guggenheim restated a “buy” rating and set a $800.00 price target (up from $760.00) on shares of Praxis Precision Medicines in a research report on Tuesday, February 10th. UBS Group set a $750.00 price objective on shares of Praxis Precision Medicines in a research note 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 note on Friday, February 20th. Citigroup reaffirmed a “conviction-buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, December 30th. Finally, Truist Financial raised shares of Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, March 25th. Five research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Praxis Precision Medicines currently has an average rating of “Buy” and a consensus price target of $589.39.

Praxis Precision Medicines Stock Down 1.3%

PRAX opened at $316.14 on Friday. Praxis Precision Medicines has a twelve month low of $28.12 and a twelve month high of $356.00. The company has a 50-day moving average price of $314.38 and a 200 day moving average price of $244.43. The company has a market cap of $8.80 billion, a PE ratio of -23.49 and a beta of 2.94.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Thursday, February 19th. The company reported ($3.50) earnings per share for the quarter, missing the consensus estimate of ($3.00) by ($0.50). As a group, sell-side analysts expect 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 bought and sold shares of the business. NBC Securities Inc. purchased a new stake in Praxis Precision Medicines during the 4th quarter valued at about $38,000. Danske Bank A S purchased a new stake in shares of Praxis Precision Medicines in the 4th quarter valued at approximately $59,000. GAMMA Investing LLC grew its stake in shares of Praxis Precision Medicines by 58.7% in the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after buying an additional 88 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Praxis Precision Medicines by 60.0% in the 4th quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock valued at $108,000 after buying an additional 138 shares during the period. Finally, GF Fund Management CO. LTD. grew its stake in shares of Praxis Precision Medicines by 8.2% in the 4th quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock valued at $144,000 after buying an additional 37 shares during the period. 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.