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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been assigned a consensus rating of “Moderate Buy” from the ten analysts that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $145.20.

PRAX has been the topic of several research analyst reports. Truist Financial raised their price objective on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Oppenheimer lifted their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Deutsche Bank Aktiengesellschaft began coverage on Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a “buy” rating and a $111.00 price target on the stock. Finally, Needham & Company LLC reissued a “buy” rating and set a $150.00 price target on shares of Praxis Precision Medicines in a research note on Monday, February 10th.

Praxis Precision Medicines Stock Down 4.9 %

NASDAQ:PRAX opened at $65.03 on Friday. The stock’s 50-day simple moving average is $76.99 and its 200 day simple moving average is $69.63. The firm has a market capitalization of $1.21 billion, a PE ratio of -6.31 and a beta of 2.65. Praxis Precision Medicines has a twelve month low of $33.01 and a twelve month high of $91.83.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Polar Asset Management Partners Inc. acquired a new position in shares of Praxis Precision Medicines in the fourth quarter worth approximately $7,590,000. GF Fund Management CO. LTD. acquired a new position in shares of Praxis Precision Medicines in the fourth quarter worth approximately $30,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Praxis Precision Medicines by 17.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,615 shares of the company’s stock worth $1,433,000 after purchasing an additional 2,747 shares in the last quarter. Voloridge Investment Management LLC increased its holdings in Praxis Precision Medicines by 54.4% in the fourth quarter. Voloridge Investment Management LLC now owns 116,062 shares of the company’s stock worth $8,932,000 after purchasing an additional 40,875 shares in the last quarter. Finally, VR Adviser LLC increased its holdings in Praxis Precision Medicines by 40.2% in the fourth quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock worth $76,189,000 after purchasing an additional 283,854 shares in the last quarter. 67.84% of the stock is owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

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.