Praxis Precision Medicines (NASDAQ:PRAX – Get Free Report)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports. They presently have a $582.00 price target on the stock. Needham & Company LLC’s price objective suggests a potential upside of 107.67% from the stock’s previous close.
Several other analysts have also recently commented on PRAX. Wells Fargo & Company reiterated a “positive” rating and issued a $362.00 target price (up from $323.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. Piper Sandler reiterated an “overweight” rating on shares of Praxis Precision Medicines in a report on Monday, July 13th. The Goldman Sachs Group reiterated a “buy” rating and issued a $575.00 target price (up from $470.00) on shares of Praxis Precision Medicines in a report on Friday, August 21st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $374.00 price target (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $462.00 price target (up from $449.00) on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and an average target price of $612.42.
Check Out Our Latest Stock Report on PRAX
Praxis Precision Medicines Stock Performance
Praxis Precision Medicines (NASDAQ:PRAX – Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, topping the consensus estimate of ($3.67) by $0.80. As a group, sell-side analysts expect that Praxis Precision Medicines will post -13.92 EPS for the current year.
Hedge Funds Weigh In On Praxis Precision Medicines
A number of institutional investors have recently modified their holdings of PRAX. Janus Henderson Group PLC raised its position in shares of Praxis Precision Medicines by 17.2% during the fourth quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock worth $954,834,000 after purchasing an additional 476,227 shares during the period. Barclays PLC raised its position in shares of Praxis Precision Medicines by 592.6% during the fourth quarter. Barclays PLC now owns 530,751 shares of the company’s stock worth $156,434,000 after purchasing an additional 454,114 shares during the period. Baker BROS. Advisors LP raised its position in shares of Praxis Precision Medicines by 63.4% during the fourth quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock worth $332,021,000 after purchasing an additional 437,000 shares during the period. Perceptive Advisors LLC raised its position in shares of Praxis Precision Medicines by 27.6% during the fourth quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock worth $588,297,000 after purchasing an additional 431,432 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Praxis Precision Medicines by 20.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 716,184 shares of the company’s stock worth $211,088,000 after purchasing an additional 123,163 shares during the last quarter. 67.84% of the stock is owned by institutional investors and hedge funds.
Praxis Precision Medicines Company Profile
Praxis Precision Medicines, Inc (NASDAQ: PRAX) is a biotechnology company focused on developing treatments for central nervous system disorders, including epilepsy, movement disorders and other neurological conditions. The company uses its Precision Genetic Medicine platform, which combines human genetics, functional genomics and neuroscience research to identify disease mechanisms and potential therapeutic targets.
Praxis’ pipeline has included investigational medicines such as ulixacaltamide, a treatment candidate being developed for essential tremor, and elsunersen, an antisense oligonucleotide designed for certain severe genetic epilepsies.
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