Brokerages Set Praxis Precision Medicines, Inc. (NASDAQ:PRAX) PT at $576.12

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have earned a consensus recommendation of “Moderate Buy” from the nineteen brokerages that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $576.1176.

Several research firms have issued reports on PRAX. Piper Sandler restated an “overweight” rating and issued a $1,200.00 price objective (up from $450.00) on shares of Praxis Precision Medicines in a research note on Wednesday, January 28th. Jefferies Financial Group reiterated a “buy” rating and set a $450.00 target price (up from $300.00) on shares of Praxis Precision Medicines in a research report on Tuesday, December 9th. Citigroup reissued a “conviction-buy” rating on shares of Praxis Precision Medicines in a report on Tuesday, December 30th. Chardan Capital raised Praxis Precision Medicines to a “strong-buy” rating in a research report on Wednesday, November 19th. Finally, TD Cowen restated a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, January 29th.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds have recently modified their holdings of PRAX. Orbis Allan Gray Ltd purchased a new stake in Praxis Precision Medicines in the 4th quarter valued at $369,946,000. Janus Henderson Group PLC boosted its stake in Praxis Precision Medicines by 17.2% during the 4th quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock worth $954,834,000 after purchasing an additional 476,227 shares during the period. Barclays PLC grew its position in Praxis Precision Medicines by 592.6% during the 4th quarter. Barclays PLC now owns 530,751 shares of the company’s stock worth $156,434,000 after purchasing an additional 454,114 shares during the last quarter. Baker BROS. Advisors LP increased its stake in Praxis Precision Medicines by 63.4% in the fourth 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. Finally, Perceptive Advisors LLC increased its stake in Praxis Precision Medicines by 27.6% in the fourth quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock valued at $588,297,000 after purchasing an additional 431,432 shares during the period. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Trading Up 0.0%

PRAX stock opened at $310.71 on Thursday. The stock has a market cap of $8.65 billion, a P/E ratio of -23.08 and a beta of 2.86. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $356.00. The company’s 50 day moving average is $311.95 and its two-hundred day moving average is $198.99.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Thursday, February 19th. The company reported ($3.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($3.00) by ($0.50). On average, equities research analysts predict that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

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.