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

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have earned an average rating of “Moderate Buy” from the nine analysts that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating and eight have given a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $123.33.

A number of research analysts have weighed in on the stock. Needham & Company LLC cut their price target on shares of Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Truist Financial reduced their price target on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. HC Wainwright reduced their target price on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price target on the stock. Finally, Wedbush downgraded shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research note on Friday, February 28th.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds have recently bought and sold shares of the company. GF Fund Management CO. LTD. bought a new stake in Praxis Precision Medicines in the fourth quarter valued at approximately $30,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Praxis Precision Medicines in the 4th quarter valued at $48,000. Graham Capital Management L.P. acquired a new stake in Praxis Precision Medicines during the 4th quarter valued at $209,000. KLP Kapitalforvaltning AS bought a new position in Praxis Precision Medicines during the fourth quarter worth $215,000. Finally, Envestnet Asset Management Inc. acquired a new position in shares of Praxis Precision Medicines in the fourth quarter valued at $231,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Trading Up 6.5 %

Shares of Praxis Precision Medicines stock opened at $38.19 on Thursday. Praxis Precision Medicines has a 12 month low of $30.01 and a 12 month high of $91.83. The company has a market capitalization of $770.02 million, a PE ratio of -3.71 and a beta of 2.76. The stock’s fifty day simple moving average is $62.81 and its 200 day simple moving average is $67.65.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Friday, February 28th. The company reported ($2.94) EPS for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The business had revenue of $7.48 million for the quarter, compared to analyst estimates of $0.36 million. Analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

About Praxis Precision Medicines

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.