Praxis Precision Medicines (NASDAQ:PRAX) Stock Rated “Overweight” in New Coverage at JPMorgan Chase & Co.

JPMorgan Chase & Co. initiated coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report released on Friday morning, Marketbeat reports. The brokerage issued an overweight rating and a $700.00 price objective on the stock.

Other research analysts have also issued research reports about the company. HC Wainwright restated a “buy” rating and set a $1,201.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday. Wall Street Zen upgraded Praxis Precision Medicines from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Piper Sandler reaffirmed an “overweight” rating on shares of Praxis Precision Medicines in a research 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 research note on Friday, August 21st. Finally, UBS Group started coverage on Praxis Precision Medicines in a research note on Wednesday. They issued a “buy” rating and a $706.00 target price on the stock. Three analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $630.42.

Praxis Precision Medicines Price Performance

Shares of NASDAQ PRAX opened at $241.76 on Friday. The firm’s 50-day moving average price is $321.69 and its two-hundred day moving average price is $318.60. Praxis Precision Medicines has a 52-week low of $154.45 and a 52-week high of $392.70. The stock has a market capitalization of $6.75 billion, a P/E ratio of -18.70 and a beta of 2.79.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, beating analysts’ consensus estimates of ($3.67) by $0.80. As a group, equities research analysts expect that Praxis Precision Medicines will post -13.90 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds have recently made changes to their positions in PRAX. IFP Advisors Inc grew its holdings in Praxis Precision Medicines by 632.0% in the 3rd quarter. IFP Advisors Inc now owns 183 shares of the company’s stock worth $53,000 after buying an additional 158 shares in the last quarter. Eagle Bay Advisors LLC increased its position in Praxis Precision Medicines by 11.3% in the 3rd quarter. Eagle Bay Advisors LLC now owns 1,064 shares of the company’s stock valued at $310,000 after acquiring an additional 108 shares during the period. Avior Wealth Management LLC acquired a new stake in Praxis Precision Medicines in the 3rd quarter valued at approximately $227,000. GAMMA Investing LLC raised its stake in Praxis Precision Medicines by 30.1% during the 3rd quarter. GAMMA Investing LLC now owns 432 shares of the company’s stock valued at $126,000 after acquiring an additional 100 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in Praxis Precision Medicines during the 2nd quarter valued at $38,000. Institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for central nervous system disorders. The company uses insights from human genetics, neuroscience and its Cerebrum™ platform to identify and advance medicines for conditions in which existing treatment options may be limited.

Praxis’ pipeline has included investigational treatments for epilepsies and other neurological disorders, including developmental and epileptic encephalopathies, essential tremor and movement-related conditions.