Praxis Precision Medicines (NASDAQ:PRAX) Upgraded by Wolfe Research to Strong-Buy Rating

Praxis Precision Medicines (NASDAQ:PRAX) was upgraded by Wolfe Research to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other research firms have also weighed in on PRAX. Wedbush lifted their target price on Praxis Precision Medicines from $95.00 to $130.00 and gave the company an “underperform” rating in a report on Friday, February 20th. Truist Financial boosted their price objective on shares of Praxis Precision Medicines from $500.00 to $700.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Guggenheim reaffirmed a “buy” rating and set a $800.00 target price (up from $760.00) on shares of Praxis Precision Medicines in a report on Tuesday, February 10th. Needham & Company LLC raised their price target on shares of Praxis Precision Medicines from $460.00 to $510.00 and gave the company a “buy” rating in a report on Wednesday, February 4th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $1,200.00 price target (up from $450.00) on shares of Praxis Precision Medicines in a report on Wednesday, January 28th. Four investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $576.12.

Praxis Precision Medicines Price Performance

Shares of PRAX stock opened at $342.71 on Monday. The stock has a market capitalization of $9.54 billion, a price-to-earnings ratio of -25.46 and a beta of 2.84. The company’s fifty day simple moving average is $303.28 and its two-hundred day simple moving average is $184.26. Praxis Precision Medicines has a 1 year low of $26.70 and a 1 year high of $356.00.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Thursday, February 19th. The company reported ($3.50) EPS for the quarter, missing analysts’ consensus estimates of ($3.00) by ($0.50). Equities research analysts anticipate that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Trading of Praxis Precision Medicines

Hedge funds have recently made changes to their positions in the stock. GF Fund Management CO. LTD. increased its stake in Praxis Precision Medicines by 8.2% in the fourth quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock valued at $144,000 after acquiring an additional 37 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Praxis Precision Medicines by 58.7% in the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after purchasing an additional 88 shares in the last quarter. CWM LLC increased its position in shares of Praxis Precision Medicines by 15.5% during the 4th quarter. CWM LLC now owns 874 shares of the company’s stock valued at $258,000 after purchasing an additional 117 shares during the last quarter. NBC Securities Inc. purchased a new position in shares of Praxis Precision Medicines during the 4th quarter valued at about $38,000. Finally, Farther Finance Advisors LLC raised its holdings in shares of Praxis Precision Medicines by 60.0% during the 4th quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock valued at $108,000 after buying an additional 138 shares in the last quarter. 67.84% of the stock is owned by institutional investors.

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.