Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Stock Has Average Price Target of $612.42 According to Brokerages

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have received a consensus recommendation of “Moderate Buy” from the twenty research firms that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, fifteen have assigned a buy recommendation and three have assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $612.42.

A number of research firms recently weighed in on PRAX. Truist Financial set a $616.00 price objective on Praxis Precision Medicines and gave the company a “buy” rating in a report on Tuesday, June 2nd. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $462.00 target price (up from $449.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Monday, August 24th. BTIG Research reiterated a “buy” rating and set a $810.00 price objective on shares of Praxis Precision Medicines in a research report on Wednesday, July 29th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $374.00 price target (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently made changes to their positions in the business. Janus Henderson Group PLC lifted its position in Praxis Precision Medicines by 6.8% in the 1st quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock worth $1,113,514,000 after buying an additional 218,777 shares during the last quarter. Perceptive Advisors LLC grew its holdings 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 purchasing an additional 40,000 shares during the last quarter. Baker BROS. Advisors LP grew its holdings in shares of Praxis Precision Medicines by 63.4% during the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock valued at $332,021,000 after purchasing an additional 437,000 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Praxis Precision Medicines by 20.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 716,184 shares of the company’s stock worth $211,088,000 after purchasing an additional 123,163 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of Praxis Precision Medicines by 2.3% during the first quarter. Bank of America Corp DE now owns 534,604 shares of the company’s stock valued at $172,244,000 after buying an additional 11,841 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

PRAX opened at $280.78 on Monday. Praxis Precision Medicines has a fifty-two week low of $48.64 and a fifty-two week high of $392.70. The firm has a market capitalization of $7.84 billion, a price-to-earnings ratio of -21.72 and a beta of 2.76. The company’s 50 day moving average price is $336.42 and its two-hundred day moving average price is $321.59.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.67) by $0.80. As a group, equities research analysts predict that Praxis Precision Medicines will post -13.92 EPS for the current year.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc (NASDAQ: PRAX) is a biotechnology company focused on developing treatments for central nervous system disorders, including epilepsy, movement disorders and other neurological conditions. The company uses its Precision Genetic Medicine platform, which combines human genetics, functional genomics and neuroscience research to identify disease mechanisms and potential therapeutic targets.

Praxis’ pipeline has included investigational medicines such as ulixacaltamide, a treatment candidate being developed for essential tremor, and elsunersen, an antisense oligonucleotide designed for certain severe genetic epilepsies.