Raymond James Financial Initiates Coverage on Praxis Precision Medicines (NASDAQ:PRAX)

Investment analysts at Raymond James Financial started coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report issued to clients and investors on Friday. The firm set a “strong-buy” rating and a $815.00 price target on the stock. Raymond James Financial’s target price would indicate a potential upside of 154.50% from the company’s previous close.

PRAX has been the subject of several other research reports. Needham & Company LLC raised their price objective on shares of Praxis Precision Medicines from $460.00 to $510.00 and gave the stock a “buy” rating in a report on Wednesday, February 4th. Piper Sandler reissued an “overweight” rating and issued a $1,200.00 target price (up from $450.00) on shares of Praxis Precision Medicines in a report on Wednesday, January 28th. Wells Fargo & Company set a $305.00 price target on Praxis Precision Medicines and gave the company an “equal weight” rating in a report on Friday, February 20th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Praxis Precision Medicines in a research report on Monday, December 29th. Finally, Citigroup reissued a “conviction-buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, December 30th. Five investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $589.39.

Praxis Precision Medicines Stock Performance

Shares of NASDAQ:PRAX opened at $320.24 on Friday. Praxis Precision Medicines has a 52 week low of $28.08 and a 52 week high of $356.00. The company’s fifty day moving average is $314.34 and its 200-day moving average is $241.21. The company has a market capitalization of $8.92 billion, a PE ratio of -23.79 and a beta of 2.94.

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

Institutional Trading of Praxis Precision Medicines

Hedge funds and other institutional investors have recently modified their holdings of the stock. Orbis Allan Gray Ltd acquired a new position in Praxis Precision Medicines during the 4th quarter worth $369,946,000. Janus Henderson Group PLC increased its stake in shares of Praxis Precision Medicines by 17.2% in the 4th quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock valued at $954,834,000 after buying an additional 476,227 shares during the period. Barclays PLC increased its stake in shares of Praxis Precision Medicines by 592.6% in the 4th quarter. Barclays PLC now owns 530,751 shares of the company’s stock valued at $156,434,000 after buying an additional 454,114 shares during the period. Baker BROS. Advisors LP raised its position in shares of Praxis Precision Medicines by 63.4% during the fourth quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock worth $332,021,000 after acquiring an additional 437,000 shares during the last quarter. Finally, Perceptive Advisors LLC raised its position in shares of Praxis Precision Medicines by 27.6% during the fourth quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock worth $588,297,000 after acquiring an additional 431,432 shares during the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

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.