Praxis Precision Medicines (NASDAQ:PRAX) Upgraded to Strong-Buy at Chardan Capital

Chardan Capital upgraded shares of Praxis Precision Medicines (NASDAQ:PRAX) to a strong-buy rating in a research note released on Wednesday morning,Zacks.com reports.

Several other equities research analysts have also weighed in on PRAX. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $280.00 target price (up previously from $65.00) on shares of Praxis Precision Medicines in a report on Friday, October 17th. Wedbush boosted their price target on shares of Praxis Precision Medicines from $73.00 to $77.00 and gave the company an “underperform” rating in a research report on Thursday, November 6th. Jefferies Financial Group reaffirmed a “buy” rating and set a $300.00 price objective (up previously from $65.00) on shares of Praxis Precision Medicines in a report on Thursday, October 16th. Needham & Company LLC boosted their target price on Praxis Precision Medicines from $80.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Finally, Jones Trading initiated coverage on Praxis Precision Medicines in a report on Thursday, September 18th. They set a “buy” rating and a $83.00 price target for the company. Three analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $257.50.

Praxis Precision Medicines Trading Down 13.3%

PRAX stock opened at $164.09 on Wednesday. Praxis Precision Medicines has a 1-year low of $26.70 and a 1-year high of $206.71. The business’s 50 day moving average is $118.47 and its 200-day moving average is $70.66. The firm has a market cap of $4.10 billion, a P/E ratio of -12.72 and a beta of 2.82.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Wednesday, November 5th. The company reported ($3.36) EPS for the quarter, topping the consensus estimate of ($3.45) by $0.09. Sell-side analysts forecast that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently modified their holdings of PRAX. Woodline Partners LP lifted its holdings in Praxis Precision Medicines by 808.9% during the 3rd quarter. Woodline Partners LP now owns 417,669 shares of the company’s stock worth $22,136,000 after buying an additional 371,717 shares in the last quarter. Dark Forest Capital Management LP bought a new stake in shares of Praxis Precision Medicines during the third quarter worth $1,149,000. Alyeska Investment Group L.P. raised its position in shares of Praxis Precision Medicines by 13.2% during the third quarter. Alyeska Investment Group L.P. now owns 141,516 shares of the company’s stock worth $7,500,000 after acquiring an additional 16,516 shares during the last quarter. Vivo Capital LLC lifted its stake in shares of Praxis Precision Medicines by 18.7% during the third quarter. Vivo Capital LLC now owns 198,895 shares of the company’s stock valued at $10,541,000 after acquiring an additional 31,295 shares during the period. Finally, Quarry LP boosted its holdings in Praxis Precision Medicines by 316.7% in the third quarter. Quarry LP now owns 20,001 shares of the company’s stock valued at $1,060,000 after acquiring an additional 15,201 shares during the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

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.