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

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have been assigned an average rating of “Buy” from the twenty analysts that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation, twelve have issued a buy recommendation and five have assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $590.7778.

Several brokerages have recently commented on PRAX. Citigroup restated a “conviction-buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, December 30th. Wolfe Research started coverage on shares of Praxis Precision Medicines in a research report on Monday, February 23rd. They issued an “outperform” rating and a $500.00 target price for the company. TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, January 29th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Praxis Precision Medicines in a research report on Monday, December 29th. Finally, Raymond James Financial started coverage on shares of Praxis Precision Medicines in a research report on Friday, April 10th. They set a “strong-buy” rating and a $815.00 price objective for the company.

Praxis Precision Medicines Trading Down 2.3%

Shares of NASDAQ:PRAX opened at $329.60 on Friday. The firm has a 50 day moving average of $317.77 and a 200-day moving average of $260.76. The stock has a market capitalization of $9.18 billion, a PE ratio of -24.49 and a beta of 2.94. Praxis Precision Medicines has a 12 month low of $34.85 and a 12 month high of $356.00.

Praxis Precision Medicines (NASDAQ:PRAX) last issued 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). On average, research analysts predict that Praxis Precision Medicines will post -14.88 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors have recently added to or reduced their stakes in PRAX. NBC Securities Inc. acquired a new position in Praxis Precision Medicines during the 4th quarter worth approximately $38,000. Danske Bank A S acquired a new position in Praxis Precision Medicines during the 4th quarter worth approximately $59,000. GAMMA Investing LLC increased its position in Praxis Precision Medicines by 58.7% during the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after purchasing an additional 88 shares in the last quarter. Tower Research Capital LLC TRC increased its position in Praxis Precision Medicines by 24.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after purchasing an additional 359 shares in the last quarter. Finally, AlphaQuest LLC increased its position in Praxis Precision Medicines by 1,623.3% during the 3rd quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock worth $106,000 after purchasing an additional 1,883 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.