Royal Bank Of Canada Upgrades Praxis Precision Medicines (NASDAQ:PRAX) to Moderate Buy

Praxis Precision Medicines (NASDAQ:PRAX) was upgraded by equities research analysts at Royal Bank Of Canada to a “moderate buy” rating in a report released on Wednesday, MarketBeat Ratings reports.

PRAX has been the subject of several other reports. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $374.00 price objective (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Oppenheimer reaffirmed an “outperform” rating and issued a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Jefferies Financial Group reiterated a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, May 7th. Truist Financial set a $616.00 target price on shares of Praxis Precision Medicines and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Wolfe Research began coverage on shares of Praxis Precision Medicines in a report on Monday, February 23rd. They set an “outperform” rating and a $500.00 price target on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Praxis Precision Medicines has an average rating of “Moderate Buy” and a consensus price target of $566.21.

Praxis Precision Medicines Stock Up 4.6%

PRAX stock opened at $282.31 on Wednesday. The company has a market cap of $7.87 billion, a PE ratio of -21.12 and a beta of 2.71. The business has a 50-day simple moving average of $316.05 and a 200 day simple moving average of $303.57. Praxis Precision Medicines has a 52 week low of $37.19 and a 52 week high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.58) by $0.38. On average, analysts anticipate that Praxis Precision Medicines will post -14.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. NBC Securities Inc. acquired a new position in Praxis Precision Medicines in the 4th quarter valued at approximately $38,000. Parallel Advisors LLC grew its stake in shares of Praxis Precision Medicines by 3,000.0% in the first quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after purchasing an additional 120 shares during the last quarter. Danske Bank A S acquired a new stake in Praxis Precision Medicines in the fourth quarter valued at $59,000. GAMMA Investing LLC raised its position in Praxis Precision Medicines by 58.7% during the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after purchasing an additional 88 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in Praxis Precision Medicines by 24.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after buying an additional 359 shares during the period. 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 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.