Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives Consensus Rating of “Moderate Buy” from Brokerages

Praxis Precision Medicines, Inc. (NASDAQ:PRAXGet Free Report) has been assigned a consensus rating of “Moderate Buy” from the seven research firms that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $118.43.

PRAX has been the topic of several recent analyst reports. Truist Financial restated a “buy” rating and set a $150.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, May 16th. Robert W. Baird assumed coverage on shares of Praxis Precision Medicines in a research note on Wednesday, May 1st. They issued an “outperform” rating and a $117.00 price target on the stock. Guggenheim assumed coverage on shares of Praxis Precision Medicines in a research note on Tuesday, June 18th. They issued a “buy” rating and a $155.00 price target on the stock. Jefferies Financial Group upped their price target on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the company a “buy” rating in a research note on Tuesday, March 26th. Finally, Needham & Company LLC started coverage on shares of Praxis Precision Medicines in a research note on Monday. They issued a “buy” rating and a $145.00 price target on the stock.

Check Out Our Latest Report on Praxis Precision Medicines

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Adage Capital Partners GP L.L.C. lifted its stake in Praxis Precision Medicines by 10.7% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock valued at $15,014,000 after purchasing an additional 849,362 shares during the last quarter. Acuta Capital Partners LLC lifted its stake in Praxis Precision Medicines by 5.5% in the 3rd quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock valued at $7,669,000 after purchasing an additional 235,000 shares during the last quarter. RA Capital Management L.P. bought a new position in Praxis Precision Medicines in the 1st quarter valued at approximately $50,548,000. Vanguard Group Inc. lifted its stake in Praxis Precision Medicines by 100.6% in the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after purchasing an additional 373,131 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD acquired a new position in Praxis Precision Medicines in the 1st quarter valued at approximately $32,707,000. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock opened at $40.61 on Tuesday. The firm has a market capitalization of $694.84 million, a PE ratio of -2.63 and a beta of 2.78. The company’s 50-day moving average is $46.49 and its 200-day moving average is $42.84. Praxis Precision Medicines has a fifty-two week low of $12.75 and a fifty-two week high of $67.21.

Praxis Precision Medicines (NASDAQ:PRAXGet Free Report) last released its quarterly earnings data on Monday, May 13th. The company reported ($2.84) earnings per share for the quarter, missing the consensus estimate of ($2.01) by ($0.83). The firm had revenue of $0.43 million for the quarter, compared to analyst estimates of $2.75 million. Praxis Precision Medicines had a negative return on equity of 101.99% and a negative net margin of 5,711.85%. As a group, analysts expect that Praxis Precision Medicines will post -10.13 EPS for the current year.

Praxis Precision Medicines Company Profile

(Get Free Report

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.

Further Reading

Analyst Recommendations for Praxis Precision Medicines (NASDAQ:PRAX)

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