BTIG Research Upgrades Praxis Precision Medicines (NASDAQ:PRAX) to “Strong-Buy”

Praxis Precision Medicines (NASDAQ:PRAX) was upgraded by investment analysts at BTIG Research to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Several other analysts have also recently commented on PRAX. Wedbush increased their price target on shares of Praxis Precision Medicines from $73.00 to $77.00 and gave the company an “underperform” rating in a research note on Thursday, November 6th. Guggenheim reiterated a “buy” rating and issued a $540.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, November 6th. Jefferies Financial Group restated a “buy” rating and set a $300.00 target price (up previously from $65.00) on shares of Praxis Precision Medicines in a research report on Thursday, October 16th. Lifesci Capital raised Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, September 3rd. Finally, Truist Financial reiterated a “buy” rating and issued a $360.00 price target (up previously from $85.00) on shares of Praxis Precision Medicines in a report on Friday, October 17th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $257.50.

Praxis Precision Medicines Stock Performance

Shares of NASDAQ:PRAX opened at $189.32 on Tuesday. The business has a fifty day moving average of $115.97 and a 200-day moving average of $70.01. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $206.71. The firm has a market cap of $4.73 billion, a PE ratio of -14.68 and a beta of 2.82.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.45) by $0.09. On average, analysts anticipate that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors have recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. boosted its holdings in Praxis Precision Medicines by 188.1% during the first quarter. Adage Capital Partners GP L.L.C. now owns 1,742,758 shares of the company’s stock worth $65,998,000 after buying an additional 1,137,748 shares during the last quarter. Woodline Partners LP raised its position in shares of Praxis Precision Medicines by 808.9% in the 3rd quarter. Woodline Partners LP now owns 417,669 shares of the company’s stock valued at $22,136,000 after acquiring an additional 371,717 shares during the period. Driehaus Capital Management LLC boosted its stake in Praxis Precision Medicines by 192.0% during the 1st quarter. Driehaus Capital Management LLC now owns 481,598 shares of the company’s stock worth $18,238,000 after acquiring an additional 316,686 shares during the last quarter. Vivo Capital LLC bought a new position in Praxis Precision Medicines during the 2nd quarter worth approximately $7,048,000. Finally, Deerfield Management Company L.P. grew its holdings in Praxis Precision Medicines by 22.4% during the third quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock valued at $44,565,000 after purchasing an additional 153,920 shares during the period. 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.