Brokerages Set Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Target Price at $576.12

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have been given an average rating of “Moderate Buy” by the nineteen research firms that are covering the company, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation, twelve have assigned a buy recommendation and four have issued a strong buy recommendation on the company. The average 12-month price target among brokers that have covered the stock in the last year is $576.1176.

Several equities research analysts have issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $1,245.00 price target (up from $340.00) on shares of Praxis Precision Medicines in a research note on Friday, January 30th. Oppenheimer restated an “outperform” rating and set a $750.00 price objective (up from $250.00) on shares of Praxis Precision Medicines in a research note on Monday, December 15th. BTIG Research reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a research report on Monday, March 9th. Wolfe Research initiated coverage on Praxis Precision Medicines in a report on Monday, February 23rd. They set an “outperform” rating and a $500.00 target price on the stock. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Praxis Precision Medicines in a research report on Monday, December 29th.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently made changes to their positions in PRAX. NBC Securities Inc. bought a new position in shares of Praxis Precision Medicines in the fourth quarter valued at $38,000. Danske Bank A S bought a new stake in Praxis Precision Medicines during the fourth quarter worth $59,000. GAMMA Investing LLC raised its position in Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after acquiring an additional 88 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Praxis Precision Medicines by 24.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after acquiring an additional 359 shares during the last quarter. Finally, AlphaQuest LLC lifted its stake in Praxis Precision Medicines by 1,623.3% in the third quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock valued at $106,000 after acquiring an additional 1,883 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Down 0.9%

Shares of PRAX opened at $319.28 on Monday. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $356.00. The stock has a market capitalization of $8.89 billion, a P/E ratio of -23.72 and a beta of 2.94. The company has a 50 day moving average of $313.76 and a 200-day moving average of $231.26.

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

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.