Wedbush Forecasts Strong Price Appreciation for Praxis Precision Medicines (NASDAQ:PRAX) Stock

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective boosted by research analysts at Wedbush from $188.00 to $189.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has an “underperform” rating on the stock. Wedbush‘s target price suggests a potential downside of 43.04% from the stock’s current price.

Several other research analysts also recently issued reports on PRAX. HC Wainwright reiterated a “buy” rating and issued a $1,201.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, October 15th. Raymond James Financial restated a “strong-buy” rating and issued a $945.00 price objective on shares of Praxis Precision Medicines in a report on Monday, August 17th. JPMorgan Chase & Co. began coverage on Praxis Precision Medicines in a research report on Friday, October 16th. They issued an “overweight” rating and a $700.00 price objective on the stock. Wall Street Zen lowered Praxis Precision Medicines from a “hold” rating to a “sell” rating in a report on Saturday, October 17th. Finally, Wells Fargo & Company decreased their price target on Praxis Precision Medicines from $362.00 to $343.00 and set an “equal weight” rating for the company in a research note on Tuesday. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and an average price target of $630.84.

Praxis Precision Medicines Stock Performance

Shares of NASDAQ PRAX traded down $1.16 during mid-day trading on Tuesday, hitting $331.81. The stock had a trading volume of 60,183 shares, compared to its average volume of 466,520. The business has a 50 day moving average price of $291.50 and a two-hundred day moving average price of $313.82. Praxis Precision Medicines has a 1 year low of $160.11 and a 1 year high of $392.70. The firm has a market cap of $9.26 billion, a P/E ratio of -25.61 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Monday, November 9th. The company reported ($3.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.54) by $0.31. Equities research analysts predict that Praxis Precision Medicines will post -14.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC lifted its stake in shares of Praxis Precision Medicines by 6.8% during the 1st quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock worth $1,113,514,000 after acquiring an additional 218,777 shares during the last quarter. Perceptive Advisors LLC grew its position in Praxis Precision Medicines by 2.0% in the 1st quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock valued at $655,974,000 after acquiring an additional 40,000 shares during the last quarter. Bank of America Corp DE grew its position in Praxis Precision Medicines by 2.3% in the 1st quarter. Bank of America Corp DE now owns 534,604 shares of the company’s stock valued at $172,244,000 after acquiring an additional 11,841 shares during the last quarter. Vivo Capital LLC increased its stake in Praxis Precision Medicines by 3.0% in the first quarter. Vivo Capital LLC now owns 338,895 shares of the company’s stock worth $109,189,000 after purchasing an additional 10,000 shares during the period. Finally, Aberdeen Group plc increased its stake in Praxis Precision Medicines by 28.2% in the third quarter. Aberdeen Group plc now owns 213,400 shares of the company’s stock worth $62,148,000 after purchasing an additional 47,001 shares during the period. Institutional investors own 67.84% of the company’s stock.

Key Stories Impacting Praxis Precision Medicines

Here are the key news stories impacting Praxis Precision Medicines this week:

• Positive Sentiment: Praxis reported a third-quarter loss of $3.23 per share, narrower than analysts’ expected loss of $3.54. The company also issued a corporate update alongside its results. Corporate update and third-quarter results Earnings information
• Positive Sentiment: Analyst coverage was supportive: BTIG reaffirmed its “buy” rating with an $826 price target, and a separate report put the average analyst target at $630.42. These targets suggest substantial upside from the prices cited in the reports. Analyst average price target
• Negative Sentiment: A report characterized PRAX as expensive relative to its book value, highlighting a valuation concern that could temper investor enthusiasm. Valuation relative to book value

Praxis Precision Medicines Company Profile

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on developing treatments for neurological and psychiatric disorders. The company applies neuroscience and precision-medicine research to conditions involving abnormalities in brain circuits and neuronal activity.

Its investigational programs have included small-molecule therapies for disorders such as essential tremor and epilepsy, as well as genetic-medicine approaches for certain rare neurological conditions.