Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Target Raised at Royal Bank Of Canada

Praxis Precision Medicines (NASDAQ:PRAX) had its target price hoisted by stock analysts at Royal Bank Of Canada from $462.00 to $478.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada‘s price target would indicate a potential upside of 45.28% from the company’s current price.

Several other research firms have also weighed in on PRAX. Raymond James Financial reaffirmed a “strong-buy” rating and set a $945.00 price target on shares of Praxis Precision Medicines in a research report on Monday, August 17th. Needham & Company LLC restated a “buy” rating and set a $582.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, September 24th. UBS Group started coverage on Praxis Precision Medicines in a report on Wednesday, October 14th. They issued a “buy” rating and a $706.00 price objective on the stock. Wells Fargo & Company dropped their price objective on shares of Praxis Precision Medicines from $362.00 to $343.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Praxis Precision Medicines in a report on Monday, August 24th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $631.68.

Praxis Precision Medicines Trading Down 1.2%

Shares of PRAX stock traded down $3.96 on Tuesday, reaching $329.01. The company had a trading volume of 111,486 shares, compared to its average volume of 466,801. The stock has a market cap of $9.19 billion, a PE ratio of -25.46 and a beta of 2.85. The company has a 50-day moving average of $291.50 and a 200-day moving average of $313.82. Praxis Precision Medicines has a 12 month low of $160.11 and a 12 month high of $392.70.

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

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC purchased a new position in shares of Praxis Precision Medicines in the second quarter worth $38,000. Parallel Advisors LLC boosted its holdings in shares of Praxis Precision Medicines by 3,000.0% during the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock valued at $40,000 after buying an additional 120 shares in the last quarter. IFP Advisors Inc grew its holdings in Praxis Precision Medicines by 632.0% in the third quarter. IFP Advisors Inc now owns 183 shares of the company’s stock worth $53,000 after purchasing an additional 158 shares during the period. GAMMA Investing LLC raised its stake in Praxis Precision Medicines by 10.3% during the second quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock valued at $111,000 after buying an additional 31 shares during the last quarter. Finally, Provenance Wealth Advisors LLC bought a new position in shares of Praxis Precision Medicines in the third quarter worth approximately $128,000. 67.84% of the stock is currently owned by institutional investors.

More Praxis Precision Medicines News

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

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.