Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives $143.44 Consensus Target Price from Brokerages

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has earned a consensus rating of “Moderate Buy” from the nine ratings firms that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $143.44.

Several brokerages have recently issued reports on PRAX. Guggenheim raised their target price on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Wedbush lifted their price objective on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, September 10th. Oppenheimer reissued an “outperform” rating and issued a $143.00 price objective (up previously from $134.00) on shares of Praxis Precision Medicines in a report on Wednesday, September 4th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $145.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd.

Praxis Precision Medicines Trading Up 0.3 %

Shares of NASDAQ:PRAX opened at $72.44 on Monday. Praxis Precision Medicines has a 1-year low of $13.01 and a 1-year high of $75.73. The stock has a market cap of $1.29 billion, a PE ratio of -7.06 and a beta of 2.73. The stock’s fifty day simple moving average is $59.59 and its two-hundred day simple moving average is $52.24.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.38) by $0.64. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. The firm had revenue of $0.36 million during the quarter, compared to analyst estimates of $1.44 million. On average, sell-side analysts forecast that Praxis Precision Medicines will post -8.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PRAX. RA Capital Management L.P. bought a new stake in shares of Praxis Precision Medicines during the 1st quarter valued at about $50,548,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Praxis Precision Medicines during the 1st quarter valued at about $32,707,000. Vanguard Group Inc. boosted its position in shares of Praxis Precision Medicines by 100.6% during the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after acquiring an additional 373,131 shares during the last quarter. Janus Henderson Group PLC bought a new stake in shares of Praxis Precision Medicines during the 1st quarter valued at about $18,878,000. Finally, Marshall Wace LLP boosted its position in shares of Praxis Precision Medicines by 105.2% during the 2nd quarter. Marshall Wace LLP now owns 248,381 shares of the company’s stock valued at $10,273,000 after acquiring an additional 127,357 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

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.