Wedbush Increases Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $77.00

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective increased by investment analysts at Wedbush from $73.00 to $77.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “underperform” rating on the stock. Wedbush’s price target indicates a potential downside of 54.23% from the company’s previous close.

PRAX has been the topic of several other reports. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $280.00 price objective (up from $65.00) on shares of Praxis Precision Medicines in a research report on Friday, October 17th. Lifesci Capital upgraded shares of Praxis Precision Medicines to a “strong-buy” rating in a research report on Wednesday, September 3rd. Chardan Capital set a $330.00 price objective on Praxis Precision Medicines and gave the stock a “buy” rating in a research report on Friday, October 17th. Truist Financial reiterated a “buy” rating and set a $360.00 target price (up previously from $85.00) on shares of Praxis Precision Medicines in a report on Friday, October 17th. Finally, Guggenheim set a $350.00 price target on Praxis Precision Medicines and gave the stock a “buy” rating in a research report on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $240.00.

Praxis Precision Medicines Price Performance

PRAX opened at $168.22 on Thursday. The stock has a market cap of $4.21 billion, a P/E ratio of -13.04 and a beta of 2.82. The stock’s 50 day simple moving average is $93.58 and its 200 day simple moving average is $61.63. Praxis Precision Medicines has a 1-year low of $26.70 and a 1-year high of $206.71.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($3.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.45) by $0.09. Research analysts expect that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds have recently modified their holdings of PRAX. Nisa Investment Advisors LLC grew its holdings in Praxis Precision Medicines by 88.3% in the second quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after purchasing an additional 295 shares during the period. CWM LLC grew its stake in shares of Praxis Precision Medicines by 877.9% during the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock valued at $32,000 after buying an additional 676 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of 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 valued at $77,000 after buying an additional 359 shares during the period. AlphaQuest LLC raised its position in shares of Praxis Precision Medicines by 1,623.3% in the 3rd quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock worth $106,000 after buying an additional 1,883 shares during the period. Finally, ProShare Advisors LLC purchased a new position in shares of Praxis Precision Medicines in the 3rd quarter worth $203,000. 67.84% of the stock is owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

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.