Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives $145.20 Consensus Target Price from Brokerages

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have been assigned a consensus rating of “Moderate Buy” from the ten analysts that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $145.20.

Several equities research analysts have recently commented on the company. Truist Financial upped their price objective on Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. HC Wainwright restated a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft began coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a “buy” rating and a $111.00 price objective on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and set a $150.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, February 10th.

Praxis Precision Medicines Stock Down 40.6 %

NASDAQ PRAX opened at $38.60 on Friday. The company has a 50-day moving average price of $76.23 and a 200-day moving average price of $69.66. Praxis Precision Medicines has a 52 week low of $33.01 and a 52 week high of $91.83. The firm has a market capitalization of $719.43 million, a P/E ratio of -3.75 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Friday, February 28th. The company reported ($2.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.76) by ($0.18). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The business had revenue of $7.48 million for the quarter, compared to the consensus estimate of $0.36 million. As a group, equities research analysts anticipate that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors have recently added to or reduced their stakes in PRAX. Price T Rowe Associates Inc. MD grew its stake in Praxis Precision Medicines by 7.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,208,522 shares of the company’s stock valued at $93,008,000 after acquiring an additional 88,442 shares in the last quarter. Vanguard Group Inc. lifted its position in Praxis Precision Medicines by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company’s stock worth $81,858,000 after buying an additional 24,645 shares during the last quarter. VR Adviser LLC boosted its stake in shares of Praxis Precision Medicines by 40.2% during the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock worth $76,189,000 after purchasing an additional 283,854 shares during the period. Janus Henderson Group PLC boosted its position in shares of Praxis Precision Medicines by 77.5% during the fourth quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock valued at $71,621,000 after buying an additional 405,957 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in Praxis Precision Medicines by 5,437.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after acquiring an additional 548,986 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.