Praxis Precision Medicines (NASDAQ:PRAX) Given New $189.00 Price Target at Wedbush

Key Points

• Wedbush raised its price target on Praxis Precision Medicines from $188 to $189 but maintained an “underperform” rating, implying 43% downside from the cited share price.
• Analyst views are sharply divided: the consensus rating is “Moderate Buy” with a $630.84 target, while Wedbush and other bearish voices remain cautious.
• Praxis reported a quarterly loss of $3.23 per share, narrower than the $3.54 loss analysts expected.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) had its price objective hoisted by equities researchers at Wedbush from $188.00 to $189.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an "underperform" rating on the stock. Wedbush's target price would suggest a potential downside of 43.04% from the company's current price.

A number of other research firms have also weighed in on PRAX. BTIG Research reaffirmed a "buy" rating and issued a $826.00 price objective on shares of Praxis Precision Medicines in a research note on Monday. The Goldman Sachs Group restated a "buy" rating and issued a $575.00 target price (up from $470.00) on shares of Praxis Precision Medicines in a report on Friday, August 21st. HC Wainwright reaffirmed a "buy" rating and issued a $1,201.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, October 15th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Praxis Precision Medicines in a research note on Monday, August 24th. Finally, Wall Street Zen lowered Praxis Precision Medicines from a "hold" rating to a "sell" rating in a report on Saturday, October 17th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Praxis Precision Medicines has an average rating of "Moderate Buy" and a consensus target price of $630.84.

Praxis Precision Medicines Price Performance

Shares of Praxis Precision Medicines stock traded down $1.16 during midday trading on Tuesday, reaching $331.81. The company had a trading volume of 60,183 shares, compared to its average volume of 466,520. The stock has a fifty day moving average price of $291.50 and a 200 day moving average price of $313.82. The firm has a market cap of $9.26 billion, a PE ratio of -25.61 and a beta of 2.85. Praxis Precision Medicines has a fifty-two week low of $160.11 and a fifty-two week high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its earnings results on Monday, November 9th. The company reported ($3.23) EPS for the quarter, beating the consensus estimate of ($3.54) by $0.31. As a group, sell-side analysts forecast that Praxis Precision Medicines will post -14.15 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Large investors have recently modified their holdings of the company. Janus Henderson Group PLC raised its position in shares of Praxis Precision Medicines by 6.8% during the 1st quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company's stock valued at $1,113,514,000 after buying an additional 218,777 shares in the last quarter. Perceptive Advisors LLC raised its holdings in shares of Praxis Precision Medicines by 2.0% during the 1st quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company's stock valued at $655,974,000 after buying an additional 40,000 shares in the last quarter. Bank of America Corp DE lifted its position in Praxis Precision Medicines by 2.3% in the 1st quarter. Bank of America Corp DE now owns 534,604 shares of the company's stock worth $172,244,000 after buying an additional 11,841 shares during the last quarter. Vivo Capital LLC lifted its position in Praxis Precision Medicines by 3.0% in the 1st quarter. Vivo Capital LLC now owns 338,895 shares of the company's stock worth $109,189,000 after buying an additional 10,000 shares during the last quarter. Finally, Aberdeen Group plc boosted its stake in Praxis Precision Medicines by 28.2% in the third quarter. Aberdeen Group plc now owns 213,400 shares of the company's stock worth $62,148,000 after buying an additional 47,001 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors.

Key Stories Impacting Praxis Precision Medicines

Here are the key news stories impacting Praxis Precision Medicines this week:

• Positive Sentiment: Praxis reported a third-quarter loss of $3.23 per share, narrower than analysts’ expected loss of $3.54. The company also issued a corporate update alongside its results. Corporate update and third-quarter results Earnings information
• Positive Sentiment: Analyst coverage was supportive: BTIG reaffirmed its “buy” rating with an $826 price target, and a separate report put the average analyst target at $630.42. These targets suggest substantial upside from the prices cited in the reports. Analyst average price target
• Negative Sentiment: A report characterized PRAX as expensive relative to its book value, highlighting a valuation concern that could temper investor enthusiasm. Valuation relative to book value

Praxis Precision Medicines Company Profile

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on developing treatments for neurological and psychiatric disorders. The company applies neuroscience and precision-medicine research to conditions involving abnormalities in brain circuits and neuronal activity.

Its investigational programs have included small-molecule therapies for disorders such as essential tremor and epilepsy, as well as genetic-medicine approaches for certain rare neurological conditions.

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