Praxis Precision Medicines (NASDAQ:PRAX) Price Target Raised to $715.00

Praxis Precision Medicines (NASDAQ:PRAX) had its price target boosted by Truist Financial from $700.00 to $715.00 in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also weighed in on PRAX. Jefferies Financial Group reiterated a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, May 7th. Raymond James Financial started coverage on shares of Praxis Precision Medicines in a research report on Friday, April 10th. They set a “strong-buy” rating and a $815.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $510.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, April 14th. Wells Fargo & Company set a $305.00 price objective on shares of Praxis Precision Medicines and gave the company an “equal weight” rating in a report on Friday, February 20th. Finally, Robert W. Baird set a $433.00 price objective on shares of Praxis Precision Medicines and gave the company an “outperform” rating in a report on Friday, February 20th. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $592.67.

Praxis Precision Medicines Stock Down 0.9%

NASDAQ:PRAX opened at $342.58 on Wednesday. Praxis Precision Medicines has a 52 week low of $35.21 and a 52 week high of $358.76. The firm has a 50 day moving average of $318.60 and a 200 day moving average of $283.57. The stock has a market capitalization of $9.55 billion, a price-to-earnings ratio of -25.62 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, beating analysts’ consensus estimates of ($3.58) by $0.38. As a group, analysts expect that Praxis Precision Medicines will post -14.79 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently bought and sold shares of PRAX. SG Americas Securities LLC acquired a new position in shares of Praxis Precision Medicines in the third quarter valued at approximately $715,000. Arizona State Retirement System acquired a new position in shares of Praxis Precision Medicines in the third quarter valued at approximately $287,000. Coastal Bridge Advisors LLC acquired a new position in shares of Praxis Precision Medicines in the third quarter valued at approximately $204,000. Vanguard Group Inc. grew its holdings in shares of Praxis Precision Medicines by 4.2% in the third quarter. Vanguard Group Inc. now owns 1,267,286 shares of the company’s stock valued at $67,166,000 after purchasing an additional 51,642 shares in the last quarter. Finally, Rafferty Asset Management LLC grew its holdings in shares of Praxis Precision Medicines by 51.5% in the third quarter. Rafferty Asset Management LLC now owns 37,573 shares of the company’s stock valued at $1,991,000 after purchasing an additional 12,768 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.