Praxis Precision Medicines (NASDAQ:PRAX) Stock Gets Price Target Boost from BTIG Research

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective lifted by investment analysts at BTIG Research from $810.00 to $826.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s price objective suggests a potential upside of 197.10% from the company’s current price.

Several other brokerages have also recently issued reports on PRAX. Wells Fargo & Company reissued a “positive” rating and issued a $362.00 target price (up from $323.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. The Goldman Sachs Group reiterated a “buy” rating and issued a $575.00 price objective (up from $470.00) on shares of Praxis Precision Medicines in a research note on Friday, August 21st. Needham & Company LLC reissued a “buy” rating and issued a $582.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, September 24th. Royal Bank Of Canada restated an “outperform” rating and set a $462.00 target price (up from $449.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $1,201.00 target price on shares of Praxis Precision Medicines in a report on Thursday, September 24th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy 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 a consensus price target of $613.26.

Praxis Precision Medicines Trading Down 0.8%

Shares of PRAX stock opened at $278.02 on Tuesday. Praxis Precision Medicines has a 12-month low of $50.56 and a 12-month high of $392.70. The stock has a market capitalization of $7.76 billion, a P/E ratio of -21.50 and a beta of 2.79. The firm’s 50 day moving average is $332.37 and its 200 day moving average is $320.86.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, beating the consensus estimate of ($3.67) by $0.80. As a group, equities analysts predict that Praxis Precision Medicines will post -13.9 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its holdings in Praxis Precision Medicines by 6.8% during the first quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock valued at $1,113,514,000 after purchasing an additional 218,777 shares in the last quarter. Perceptive Advisors LLC increased its stake in shares of Praxis Precision Medicines by 2.0% in the first quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock worth $655,974,000 after purchasing an additional 40,000 shares in the last quarter. Baker BROS. Advisors LP raised its position 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 period. Bank of America Corp DE lifted its stake in shares of Praxis Precision Medicines by 2.3% during the 1st 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 in the last quarter. Finally, Barclays PLC lifted its stake in shares of Praxis Precision Medicines by 592.6% during the 4th quarter. Barclays PLC now owns 530,751 shares of the company’s stock valued at $156,434,000 after buying an additional 454,114 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for central nervous system disorders. The company uses insights from human genetics, neuroscience and its Cerebrum™ platform to identify and advance medicines for conditions in which existing treatment options may be limited.

Praxis’ pipeline has included investigational treatments for epilepsies and other neurological disorders, including developmental and epileptic encephalopathies, essential tremor and movement-related conditions.