Praxis Precision Medicines (NASDAQ:PRAX – Get Free Report) had its price target reduced by Robert W. Baird from $433.00 to $400.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s price objective suggests a potential upside of 19.35% from the company’s previous close.
A number of other research firms also recently weighed in on PRAX. Needham & Company LLC reiterated a “buy” rating and set a $510.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, April 14th. Wells Fargo & Company set a $305.00 target price on Praxis Precision Medicines and gave the stock an “equal weight” rating in a report on Friday, February 20th. BTIG Research reiterated a “buy” rating and set a $810.00 target price (down from $843.00) on shares of Praxis Precision Medicines in a report on Tuesday. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $374.00 target price on shares of Praxis Precision Medicines in a report on Tuesday. Finally, Raymond James Financial began coverage on Praxis Precision Medicines in a report on Friday, April 10th. They set a “strong-buy” rating and a $815.00 target price on the stock. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $584.00.
Read Our Latest Research Report on PRAX
Praxis Precision Medicines Price Performance
Praxis Precision Medicines (NASDAQ:PRAX – Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.58) by $0.38. Analysts expect that Praxis Precision Medicines will post -14.79 EPS for the current fiscal year.
Institutional Trading of Praxis Precision Medicines
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. GF Fund Management CO. LTD. grew its stake in shares of Praxis Precision Medicines by 8.2% in the 4th quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock worth $144,000 after buying an additional 37 shares during the last quarter. KBC Group NV lifted its position in Praxis Precision Medicines by 5.8% in the 1st quarter. KBC Group NV now owns 715 shares of the company’s stock valued at $230,000 after acquiring an additional 39 shares in the last quarter. Carl P. Sherr & Co. LLC lifted its position in Praxis Precision Medicines by 8.4% in the 1st quarter. Carl P. Sherr & Co. LLC now owns 972 shares of the company’s stock valued at $313,000 after acquiring an additional 75 shares in the last quarter. GAMMA Investing LLC lifted its position in Praxis Precision Medicines by 58.7% in the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after acquiring an additional 88 shares in the last quarter. Finally, CWM LLC lifted its position in Praxis Precision Medicines by 15.5% in the 4th quarter. CWM LLC now owns 874 shares of the company’s stock valued at $258,000 after acquiring an additional 117 shares in the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.
Praxis Precision Medicines News Roundup
Here are the key news stories impacting Praxis Precision Medicines this week:
- Positive Sentiment: HC Wainwright kept a buy rating on Praxis Precision Medicines and still sees significant upside despite cutting its price target to $1,201 from $1,245. Benzinga report on price target change
- Neutral Sentiment: Praxis said vormatrigine was generally well tolerated, with a low discontinuation rate, and that the secondary response-rate measure was met. The company also said it is pausing enrollment in POWER2 while it reviews possible program changes. GlobeNewswire program update
- Negative Sentiment: The biggest driver for the stock today is the trial setback: the Phase 2/3 POWER1 study did not meet its primary success measure, raising doubts about vormatrigine’s path forward and pressuring shares. Reuters report on trial miss
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.
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