Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives Average Recommendation of “Moderate Buy” from Analysts

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has received an average recommendation of “Moderate Buy” from the nineteen brokerages that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, one has given a hold recommendation, thirteen have issued a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $576.1176.

PRAX has been the subject of a number of research reports. Chardan Capital raised shares of Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, November 19th. Piper Sandler restated an “overweight” rating and set a $1,200.00 price objective (up from $450.00) on shares of Praxis Precision Medicines in a report on Wednesday, January 28th. Needham & Company LLC increased their target price on shares of Praxis Precision Medicines from $460.00 to $510.00 and gave the company a “buy” rating in a research note on Wednesday, February 4th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $412.00 target price on shares of Praxis Precision Medicines in a research report on Friday, February 20th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, January 29th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. NBC Securities Inc. acquired a new stake in Praxis Precision Medicines during the fourth quarter worth $38,000. Danske Bank A S bought a new position in shares of Praxis Precision Medicines during the 4th quarter worth about $59,000. GAMMA Investing LLC increased its stake in Praxis Precision Medicines by 58.7% in the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after acquiring an additional 88 shares during the period. Farther Finance Advisors LLC raised its position in Praxis Precision Medicines by 60.0% in the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock worth $108,000 after purchasing an additional 138 shares in the last quarter. Finally, GF Fund Management CO. LTD. lifted its stake in Praxis Precision Medicines by 8.2% during the fourth quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock worth $144,000 after purchasing an additional 37 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Up 2.2%

PRAX opened at $325.11 on Thursday. The stock’s 50 day moving average price is $310.44 and its two-hundred day moving average price is $195.29. The firm has a market capitalization of $9.05 billion, a P/E ratio of -24.15 and a beta of 2.86. Praxis Precision Medicines has a 12-month low of $26.70 and a 12-month high of $356.00.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data 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, analysts anticipate that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

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.