Praxis Precision Medicines (NASDAQ:PRAX) Stock Rating Reaffirmed as “Buy” by BTIG Research

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reaffirmed by stock analysts at BTIG Research in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $826.00 price objective on the stock. BTIG Research‘s price objective indicates a potential upside of 167.69% from the company’s current price.

Several other equities research analysts have also commented on the stock. Wells Fargo & Company reaffirmed a “positive” rating and issued a $362.00 price target (up from $323.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Praxis Precision Medicines in a report on Monday, August 24th. Needham & Company LLC reissued a “buy” rating and issued a $582.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, September 24th. Robert W. Baird set a $514.00 target price on Praxis Precision Medicines in a research note on Friday, August 7th. Finally, Wall Street Zen lowered Praxis Precision Medicines from a “hold” rating to a “sell” rating in a report on Saturday, October 17th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Praxis Precision Medicines currently has a consensus rating of “Moderate Buy” and an average price target of $630.42.

Praxis Precision Medicines Trading Up 11.1%

NASDAQ PRAX traded up $30.95 on Monday, hitting $308.56. 434,978 shares of the company’s stock traded hands, compared to its average volume of 465,089. Praxis Precision Medicines has a 1-year low of $160.11 and a 1-year high of $392.70. The firm’s 50-day moving average price is $291.73 and its two-hundred day moving average price is $313.72. The firm has a market capitalization of $8.62 billion, a PE ratio of -23.55 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAX) last released 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. On average, research analysts anticipate that Praxis Precision Medicines will post -14.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its position in shares of Praxis Precision Medicines by 6.8% in the first 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 period. Perceptive Advisors LLC grew its position in shares of Praxis Precision Medicines by 2.0% during 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 period. Bank of America Corp DE grew its position in shares of Praxis Precision Medicines by 2.3% during 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 period. Vivo Capital LLC increased its stake in shares of Praxis Precision Medicines by 3.0% in the 1st quarter. Vivo Capital LLC now owns 338,895 shares of the company’s stock valued at $109,189,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Aberdeen Group plc increased its stake in shares of Praxis Precision Medicines by 28.2% in the 3rd quarter. Aberdeen Group plc now owns 213,400 shares of the company’s stock valued at $62,148,000 after purchasing an additional 47,001 shares in the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

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.