Praxis Precision Medicines (NASDAQ:PRAX) Given “Buy” Rating at BTIG Research

BTIG Research restated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report released on Monday morning,Benzinga reports. The brokerage currently has a $843.00 price objective on the stock.

PRAX has been the subject of several other research reports. Oppenheimer reaffirmed an “outperform” rating and issued a $750.00 price objective (up from $250.00) on shares of Praxis Precision Medicines in a report on Monday, December 15th. Wells Fargo & Company set a $305.00 price objective on shares of Praxis Precision Medicines and gave the stock an “equal weight” rating in a report on Friday, February 20th. TD Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, January 29th. Wedbush upped their price objective on shares of Praxis Precision Medicines from $95.00 to $130.00 and gave the stock an “underperform” rating in a report on Friday, February 20th. Finally, Truist Financial raised shares of Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, March 25th. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and a consensus price target of $576.12.

Praxis Precision Medicines Stock Down 0.1%

PRAX stock opened at $310.11 on Monday. The company has a market capitalization of $8.64 billion, a P/E ratio of -23.04 and a beta of 2.94. The company has a 50-day simple moving average of $314.17 and a 200 day simple moving average of $238.24. Praxis Precision Medicines has a fifty-two week low of $26.70 and a fifty-two week 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). Equities analysts anticipate that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently bought and sold shares of PRAX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Praxis Precision Medicines by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company’s stock worth $444,000 after acquiring an additional 573 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Praxis Precision Medicines by 367.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company’s stock worth $3,298,000 after acquiring an additional 68,466 shares in the last quarter. Creative Planning bought a new stake in Praxis Precision Medicines in the second quarter worth about $273,000. Swiss National Bank raised its position in Praxis Precision Medicines by 13.7% in the second quarter. Swiss National Bank now owns 30,800 shares of the company’s stock worth $1,295,000 after acquiring an additional 3,700 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Praxis Precision Medicines by 21.4% in the second quarter. JPMorgan Chase & Co. now owns 13,938 shares of the company’s stock worth $586,000 after acquiring an additional 2,459 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors.

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.