Praxis Precision Medicines (NASDAQ:PRAX) Price Target Raised to $130.00

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective boosted by research analysts at Wedbush from $95.00 to $130.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “underperform” rating on the stock. Wedbush’s target price suggests a potential downside of 60.80% from the company’s current price.

PRAX has been the subject of several other research reports. TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, January 29th. UBS Group set a $750.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, December 15th. Chardan Capital upgraded Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, November 19th. Truist Financial increased their price target on Praxis Precision Medicines from $360.00 to $500.00 and gave the company a “buy” rating in a research report on Monday, December 8th. Finally, HC Wainwright reiterated a “buy” rating and set a $1,245.00 price target (up from $340.00) on shares of Praxis Precision Medicines in a report on Friday, January 30th. Three research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $539.69.

Praxis Precision Medicines Stock Up 0.8%

PRAX stock opened at $331.61 on Friday. The firm has a market capitalization of $8.35 billion, a PE ratio of -25.71 and a beta of 2.84. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $335.75. The stock’s 50 day moving average is $299.27 and its 200-day moving average is $176.28.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly 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 anticipate that Praxis Precision Medicines will post -10.22 earnings per share for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

A number of large investors have recently bought and sold shares of the company. NBC Securities Inc. purchased a new position in shares of Praxis Precision Medicines during the 4th quarter valued at $38,000. Danske Bank A S bought a new stake in Praxis Precision Medicines in the 4th quarter valued at about $59,000. GAMMA Investing LLC lifted its holdings in Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after purchasing an additional 88 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in Praxis Precision Medicines by 60.0% during the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock valued at $108,000 after purchasing an additional 138 shares during the last quarter. Finally, GF Fund Management CO. LTD. boosted its position in Praxis Precision Medicines by 8.2% during the fourth quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock worth $144,000 after purchasing an additional 37 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Company Profile

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.