Praxis Precision Medicines (NASDAQ:PRAX) Upgraded by Royal Bank Of Canada to “Moderate Buy” Rating

Royal Bank Of Canada upgraded shares of Praxis Precision Medicines (NASDAQ:PRAX) to a moderate buy rating in a research note released on Wednesday morning, Marketbeat Ratings reports.

Other equities analysts also recently issued research reports about the company. BTIG Research restated a “buy” rating and set a $810.00 target price (down from $843.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. 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. Needham & Company LLC reissued a “buy” rating and set a $510.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, April 14th. TD Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Four investment 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 company’s stock. According to MarketBeat.com, Praxis Precision Medicines has an average rating of “Moderate Buy” and an average price target of $566.21.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock opened at $282.31 on Wednesday. The firm has a market cap of $7.87 billion, a P/E ratio of -21.12 and a beta of 2.71. The firm’s 50-day simple moving average is $316.05 and its 200-day simple moving average is $303.57. Praxis Precision Medicines has a twelve month low of $37.19 and a twelve month high of $366.52.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC increased its position in Praxis Precision Medicines by 3,000.0% in the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock valued at $40,000 after acquiring an additional 120 shares in the last quarter. NBC Securities Inc. acquired a new position in shares of Praxis Precision Medicines during the fourth quarter worth approximately $38,000. Danske Bank A S acquired a new position in shares of Praxis Precision Medicines during the fourth quarter worth approximately $59,000. GAMMA Investing LLC grew its stake in shares of Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after purchasing an additional 88 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of Praxis Precision Medicines by 60.0% during the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock valued at $108,000 after purchasing an additional 138 shares during the last quarter. Institutional investors and hedge funds 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.