Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Given Average Rating of “Moderate Buy” by Brokerages

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has earned an average recommendation of “Moderate Buy” from the ten analysts that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $109.90.

Several equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a “buy” rating and a $111.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and set a $105.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, May 1st. Wedbush lifted their target price on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an “underperform” rating in a research report on Monday, May 5th. Needham & Company LLC restated a “buy” rating and set a $80.00 price target on shares of Praxis Precision Medicines in a research report on Monday, May 5th. Finally, Robert W. Baird decreased their target price on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PRAX. CIBC Asset Management Inc boosted its position in shares of Praxis Precision Medicines by 47.3% in the fourth quarter. CIBC Asset Management Inc now owns 366,756 shares of the company’s stock valued at $28,226,000 after acquiring an additional 117,817 shares during the period. Barclays PLC boosted its holdings in Praxis Precision Medicines by 126.8% in the 3rd quarter. Barclays PLC now owns 37,130 shares of the company’s stock valued at $2,136,000 after purchasing an additional 20,759 shares during the period. China Universal Asset Management Co. Ltd. purchased a new position in shares of Praxis Precision Medicines during the 4th quarter valued at $304,000. Vanguard Group Inc. increased its holdings in shares of Praxis Precision Medicines by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company’s stock worth $81,858,000 after purchasing an additional 24,645 shares during the period. Finally, Deutsche Bank AG increased its holdings in shares of Praxis Precision Medicines by 48.6% in the fourth quarter. Deutsche Bank AG now owns 15,324 shares of the company’s stock worth $1,179,000 after purchasing an additional 5,009 shares during the period. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Performance

NASDAQ:PRAX opened at $44.51 on Tuesday. Praxis Precision Medicines has a 52 week low of $26.70 and a 52 week high of $91.83. The firm’s 50-day simple moving average is $36.17 and its 200 day simple moving average is $55.62. The firm has a market cap of $906.62 million, a price-to-earnings ratio of -4.32 and a beta of 2.60.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Friday, May 2nd. The company reported ($3.29) EPS for the quarter, missing analysts’ consensus estimates of ($3.20) by ($0.09). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. Sell-side analysts anticipate that Praxis Precision Medicines will post -10.22 EPS for the current year.

About Praxis Precision Medicines

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.