Wedbush Raises Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $77.00

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective lifted by equities researchers at Wedbush from $73.00 to $77.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “underperform” rating on the stock. Wedbush’s price target suggests a potential downside of 53.23% from the company’s previous close.

A number of other research analysts also recently issued reports on the company. Needham & Company LLC lifted their price target on Praxis Precision Medicines from $80.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $280.00 price target (up from $65.00) on shares of Praxis Precision Medicines in a report on Friday, October 17th. Truist Financial reiterated a “buy” rating and issued a $360.00 price target (up from $85.00) on shares of Praxis Precision Medicines in a report on Friday, October 17th. Jones Trading initiated coverage on Praxis Precision Medicines in a report on Thursday, September 18th. They issued a “buy” rating and a $83.00 price target on the stock. Finally, Guggenheim set a $350.00 price target on Praxis Precision Medicines and gave the company a “buy” rating in a report on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Praxis Precision Medicines currently has a consensus rating of “Moderate Buy” and a consensus target price of $222.73.

Praxis Precision Medicines Stock Down 4.1%

Shares of NASDAQ PRAX opened at $164.64 on Thursday. The business has a fifty day simple moving average of $88.60 and a two-hundred day simple moving average of $59.93. The firm has a market cap of $3.49 billion, a PE ratio of -13.40 and a beta of 2.82. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $206.71.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.45) by $0.09. On average, research analysts expect that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC grew its stake in Praxis Precision Medicines by 88.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock worth $26,000 after buying an additional 295 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in Praxis Precision Medicines by 24.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after purchasing an additional 359 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in Praxis Precision Medicines by 6.4% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 6,425 shares of the company’s stock valued at $270,000 after purchasing an additional 385 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Praxis Precision Medicines by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company’s stock valued at $444,000 after purchasing an additional 573 shares during the last quarter. Finally, CWM LLC grew its stake in Praxis Precision Medicines by 877.9% during the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock valued at $32,000 after purchasing an additional 676 shares during the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.