Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives Average Rating of “Moderate Buy” from Brokerages

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

A number of research firms recently issued reports on PRAX. Needham & Company LLC reiterated a “buy” rating and issued a $582.00 target price on shares of Praxis Precision Medicines in a report on Thursday. Raymond James Financial reissued a “strong-buy” rating and issued a $945.00 price objective on shares of Praxis Precision Medicines in a report on Monday, August 17th. Wall Street Zen raised Praxis Precision Medicines from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. TD Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Finally, BTIG Research reaffirmed a “buy” rating and set a $810.00 price objective on shares of Praxis Precision Medicines in a report on Wednesday, July 29th.

Praxis Precision Medicines Stock Performance

Shares of PRAX opened at $280.78 on Monday. The stock’s 50 day moving average is $336.42 and its two-hundred day moving average is $321.68. Praxis Precision Medicines has a 12 month low of $48.64 and a 12 month high of $392.70. The firm has a market cap of $7.84 billion, a P/E ratio of -21.72 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, beating the consensus estimate of ($3.67) by $0.80. Equities research analysts forecast that Praxis Precision Medicines will post -13.92 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors and hedge funds have recently modified their holdings of the company. Swiss National Bank raised its holdings in Praxis Precision Medicines by 15.3% during the 1st quarter. Swiss National Bank now owns 46,700 shares of the company’s stock worth $15,046,000 after buying an additional 6,200 shares during the period. Orbimed Advisors LLC increased its stake in Praxis Precision Medicines by 82.5% in the first quarter. Orbimed Advisors LLC now owns 172,500 shares of the company’s stock valued at $55,578,000 after acquiring an additional 78,000 shares during the period. Fifth Third Bancorp acquired a new stake in shares of Praxis Precision Medicines during the 1st quarter worth about $1,156,000. Geode Capital Management LLC raised its holdings in shares of Praxis Precision Medicines by 23.1% in the fourth quarter. Geode Capital Management LLC now owns 562,379 shares of the company’s stock valued at $165,783,000 after buying an additional 105,347 shares during the last quarter. Finally, Handelsbanken Fonder AB acquired a new position in shares of Praxis Precision Medicines during the second quarter valued at $3,294,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

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.