Praxis Precision Medicines (NASDAQ:PRAX) Raised to Strong-Buy at Wolfe Research

Praxis Precision Medicines (NASDAQ:PRAX) was upgraded by investment analysts at Wolfe Research to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

A number of other research analysts have also weighed in on the stock. HC Wainwright reissued a “buy” rating and set a $1,245.00 price target (up from $340.00) on shares of Praxis Precision Medicines in a research report on Friday, January 30th. UBS Group set a $750.00 target price on shares of Praxis Precision Medicines in a research report on Monday, December 15th. Needham & Company LLC boosted their target price on Praxis Precision Medicines from $460.00 to $510.00 and gave the stock a “buy” rating in a research note on Wednesday, February 4th. Guggenheim reaffirmed a “buy” rating and set a $800.00 price target (up from $760.00) on shares of Praxis Precision Medicines in a research report on Tuesday, February 10th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $450.00 price objective (up from $300.00) on shares of Praxis Precision Medicines in a research report on Tuesday, December 9th. Four analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $576.12.

Praxis Precision Medicines Stock Up 0.1%

Shares of NASDAQ:PRAX opened at $342.71 on Monday. The business’s 50 day moving average is $303.28 and its 200 day moving average is $184.26. Praxis Precision Medicines has a 12-month low of $26.70 and a 12-month high of $356.00. The stock has a market cap of $9.54 billion, a price-to-earnings ratio of -25.46 and a beta of 2.84.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Thursday, February 19th. The company reported ($3.50) earnings per share for the quarter, missing the consensus estimate of ($3.00) by ($0.50). As a group, equities research analysts expect that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Praxis Precision Medicines by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company’s stock worth $444,000 after buying an additional 573 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Praxis Precision Medicines by 367.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company’s stock worth $3,298,000 after acquiring an additional 68,466 shares during the period. CWM LLC increased its holdings in Praxis Precision Medicines by 877.9% in the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock worth $32,000 after acquiring an additional 676 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in Praxis Precision Medicines by 88.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after acquiring an additional 295 shares during the period. Finally, Geode Capital Management LLC raised its stake in Praxis Precision Medicines by 8.1% in the 2nd quarter. Geode Capital Management LLC now owns 451,731 shares of the company’s stock valued at $18,997,000 after acquiring an additional 33,715 shares during the period. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

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.