Praxis Precision Medicines’ (PRAX) Buy Rating Reiterated at BTIG Research

BTIG Research reissued their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report published on Monday morning,Benzinga reports. BTIG Research currently has a $826.00 price objective on the stock.

Several other research analysts have also commented on the stock. Raymond James Financial restated a “strong-buy” rating and issued a $945.00 price target on shares of Praxis Precision Medicines in a report on Monday, August 17th. JPMorgan Chase & Co. initiated coverage on Praxis Precision Medicines in a research note on Friday, October 16th. They set an “overweight” rating and a $700.00 price objective for the company. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $462.00 target price (up from $449.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. The Goldman Sachs Group reissued a “buy” rating and set a $575.00 price target (up from $470.00) on shares of Praxis Precision Medicines in a research report on Friday, August 21st. Finally, HC Wainwright reissued a “buy” rating and issued a $1,201.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, October 15th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $631.68.

Praxis Precision Medicines Trading Up 2.6%

NASDAQ:PRAX opened at $346.21 on Monday. The company’s 50-day moving average is $291.10 and its two-hundred day moving average is $314.16. The firm has a market cap of $9.67 billion, a price-to-earnings ratio of -27.05 and a beta of 2.85. Praxis Precision Medicines has a 12-month low of $160.11 and a 12-month high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Monday, November 9th. The company reported ($3.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.54) by $0.31. On average, equities research analysts forecast that Praxis Precision Medicines will post -14.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its holdings in shares of Praxis Precision Medicines by 10.3% during the second quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock valued at $111,000 after acquiring an additional 31 shares during the period. KBC Group NV increased its position in shares of Praxis Precision Medicines by 5.8% during the 1st quarter. KBC Group NV now owns 715 shares of the company’s stock valued at $230,000 after purchasing an additional 39 shares during the period. Nisa Investment Advisors LLC lifted its holdings in Praxis Precision Medicines by 0.9% in the 3rd quarter. Nisa Investment Advisors LLC now owns 6,167 shares of the company’s stock valued at $1,796,000 after acquiring an additional 56 shares during the last quarter. Carl P. Sherr & Co. LLC lifted its stake in Praxis Precision Medicines by 8.4% during the first quarter. Carl P. Sherr & Co. LLC now owns 972 shares of the company’s stock valued at $313,000 after purchasing an additional 75 shares during the last quarter. Finally, Ieq Capital LLC boosted its stake in shares of Praxis Precision Medicines by 11.5% during the 3rd quarter. Ieq Capital LLC now owns 909 shares of the company’s stock worth $265,000 after acquiring an additional 94 shares in the last quarter. 67.84% of the stock is owned by institutional investors.

Recent Praxis Precision Medicines Headlines

These are some of the PRAX headlines that stood out recently:

• Positive Sentiment: Praxis reported a quarterly loss of $3.23 per share, narrower than analysts’ expected loss of $3.54. Shares were reported up sharply following the better-than-expected results, making the earnings beat the clearest recent positive catalyst. Praxis shares up following earnings
• Positive Sentiment: BTIG Research assigned the stock a Buy rating. RBC also raised its target to $478 from $462 and maintained an Outperform rating, signaling confidence in potential upside. BTIG Buy rating
• Negative Sentiment: Analyst views remain sharply divided: Wedbush raised its target only slightly, to $189, while retaining an Underperform rating; Wells Fargo cut its target to $343 and kept an Equal Weight rating. These assessments highlight downside and valuation concerns despite the more bullish calls.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on developing treatments for neurological and psychiatric disorders. The company applies neuroscience and precision-medicine research to conditions involving abnormalities in brain circuits and neuronal activity. Its investigational programs have included small-molecule therapies for disorders such as essential tremor and epilepsy, as well as genetic-medicine approaches for certain rare neurological conditions. These candidates are in development and are not approved treatments.