Wedbush Issues Positive Forecast for Praxis Precision Medicines (NASDAQ:PRAX) Stock Price

Praxis Precision Medicines (NASDAQ:PRAX) had its price target upped by equities researchers at Wedbush from $95.00 to $130.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “underperform” rating on the stock. Wedbush’s price objective points to a potential downside of 60.80% from the company’s current price.

Several other research firms have also recently weighed in on PRAX. UBS Group set a $750.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, December 15th. HC Wainwright reiterated a “buy” rating and set a $1,245.00 price target (up from $340.00) on shares of Praxis Precision Medicines in a report on Friday, January 30th. Truist Financial boosted their price objective on Praxis Precision Medicines from $360.00 to $500.00 and gave the company a “buy” rating in a research note on Monday, December 8th. TD Cowen restated a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, January 29th. Finally, Chardan Capital raised Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, November 19th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Praxis Precision Medicines has an average rating of “Moderate Buy” and a consensus price target of $539.69.

Praxis Precision Medicines Price Performance

Shares of PRAX opened at $331.61 on Friday. The business has a 50-day moving average of $299.27 and a 200-day moving average of $176.28. The company has a market capitalization of $8.35 billion, a price-to-earnings ratio of -25.71 and a beta of 2.84. Praxis Precision Medicines has a 1 year low of $26.70 and a 1 year high of $335.75.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Thursday, February 19th. The company reported ($3.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($3.00) by ($0.50). As a group, sell-side analysts anticipate that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds have recently added to or reduced their stakes in PRAX. T. Rowe Price Investment Management Inc. acquired a new position in shares of Praxis Precision Medicines during the fourth quarter worth approximately $81,464,000. Invesco Ltd. increased its stake in Praxis Precision Medicines by 269.4% during the 4th quarter. Invesco Ltd. now owns 77,088 shares of the company’s stock valued at $22,721,000 after purchasing an additional 56,220 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in Praxis Precision Medicines during the fourth quarter worth $357,000. Mackenzie Financial Corp bought a new position in shares of Praxis Precision Medicines in the fourth quarter valued at $415,000. Finally, Coastal Bridge Advisors LLC grew its holdings in shares of Praxis Precision Medicines by 8.0% during the fourth quarter. Coastal Bridge Advisors LLC now owns 4,154 shares of the company’s stock valued at $1,224,000 after buying an additional 308 shares during the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

About Praxis Precision Medicines

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.