Research analysts at Deutsche Bank Aktiengesellschaft assumed coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX – Get Free Report) in a report issued on Tuesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $111.00 price target on the stock. Deutsche Bank Aktiengesellschaft’s target price suggests a potential upside of 29.98% from the company’s previous close.
A number of other analysts have also weighed in on PRAX. Oppenheimer upped their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Truist Financial upped their price target on Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Needham & Company LLC reiterated a “buy” rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a research note on Monday. Finally, HC Wainwright restated a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Praxis Precision Medicines has an average rating of “Moderate Buy” and an average price target of $145.20.
Check Out Our Latest Stock Analysis on Praxis Precision Medicines
Praxis Precision Medicines Stock Performance
Institutional Trading of Praxis Precision Medicines
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRAX. Vanguard Group Inc. increased its position in shares of Praxis Precision Medicines by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company’s stock worth $81,858,000 after purchasing an additional 24,645 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Praxis Precision Medicines by 5,437.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock worth $43,027,000 after buying an additional 548,986 shares during the last quarter. Janus Henderson Group PLC increased its position in Praxis Precision Medicines by 37.2% during the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock worth $30,079,000 after buying an additional 141,881 shares during the period. Franklin Resources Inc. increased its position in Praxis Precision Medicines by 85.6% during the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock worth $25,619,000 after buying an additional 205,335 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Praxis Precision Medicines by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 406,711 shares of the company’s stock valued at $31,308,000 after buying an additional 7,873 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, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.
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