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

Raymond James Financial upgraded shares of Praxis Precision Medicines (NASDAQ:PRAX) to a strong-buy rating in a research note released on Thursday,Zacks.com reports.

Other equities analysts have also issued reports about the company. Wolfe Research began coverage on Praxis Precision Medicines in a research report on Monday, February 23rd. They set an “outperform” rating and a $500.00 price target on the stock. Citigroup restated a “conviction-buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, December 30th. TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, January 29th. Wells Fargo & Company set a $305.00 price objective on Praxis Precision Medicines and gave the stock an “equal weight” rating in a report on Friday, February 20th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $412.00 price objective on shares of Praxis Precision Medicines in a report on Friday, February 20th. Five analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $589.39.

Praxis Precision Medicines Price Performance

PRAX opened at $316.14 on Thursday. The stock’s 50 day simple moving average is $314.38 and its 200 day simple moving average is $244.43. Praxis Precision Medicines has a 1 year low of $28.12 and a 1 year high of $356.00. The firm has a market cap of $8.80 billion, a price-to-earnings ratio of -23.49 and a beta of 2.94.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Congress Asset Management Co. purchased a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at approximately $1,613,000. SG Americas Securities LLC purchased a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at approximately $715,000. Arizona State Retirement System purchased a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at approximately $287,000. Coastal Bridge Advisors LLC purchased a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at approximately $204,000. Finally, Rafferty Asset Management LLC lifted its stake in shares of Praxis Precision Medicines by 51.5% in the 3rd quarter. Rafferty Asset Management LLC now owns 37,573 shares of the company’s stock valued at $1,991,000 after purchasing an additional 12,768 shares during the period. Hedge funds and other institutional investors own 67.84% of the company’s stock.

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.