Praxis Precision Medicines (NASDAQ:PRAX) Stock Gets Price Target Increase from Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its price target on Praxis Precision Medicines to $478 from $462 and maintained an “outperform” rating, implying 45.28% upside from the prior close.
• Analyst sentiment is broadly positive but not unanimous: MarketBeat reports a “Moderate Buy” consensus and an average target of $631.68, alongside some sell and underperform ratings.
• Praxis reported a quarterly loss of $3.23 per share, narrower than analysts’ expected $3.54 loss; its shares fell 1.2% to $329.01 in Tuesday trading.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) had its price objective raised by research analysts at Royal Bank Of Canada from $462.00 to $478.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective suggests a potential upside of 45.28% from the stock's previous close.

Several other research analysts have also weighed in on the stock. JPMorgan Chase & Co. assumed coverage on shares of Praxis Precision Medicines in a research report on Friday, October 16th. They set an "overweight" rating and a $700.00 target price on the stock. UBS Group began coverage on Praxis Precision Medicines in a report on Wednesday, October 14th. They set a "buy" rating and a $706.00 price objective for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $582.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, September 24th. Wall Street Zen cut Praxis Precision Medicines from a "hold" rating to a "sell" rating in a research note on Saturday, October 17th. Finally, Wedbush lifted their price target on shares of Praxis Precision Medicines from $188.00 to $189.00 and gave the stock an "underperform" rating in a research note on Tuesday. Three equities research 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 issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $631.68.

Praxis Precision Medicines Stock Down 1.2%

Praxis Precision Medicines stock traded down $3.96 during midday trading on Tuesday, reaching $329.01. The company's stock had a trading volume of 111,486 shares, compared to its average volume of 466,801. Praxis Precision Medicines has a fifty-two week low of $160.11 and a fifty-two week high of $392.70. The company has a market cap of $9.19 billion, a P/E ratio of -25.46 and a beta of 2.85. The business has a 50-day simple moving average of $291.50 and a 200-day simple moving average of $313.82.

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRAX. Integrated Wealth Concepts LLC bought a new position in Praxis Precision Medicines during the second quarter valued at about $38,000. Parallel Advisors LLC lifted its stake in shares of Praxis Precision Medicines by 3,000.0% in the first quarter. Parallel Advisors LLC now owns 124 shares of the company's stock valued at $40,000 after buying an additional 120 shares during the period. IFP Advisors Inc grew its holdings in shares of Praxis Precision Medicines by 632.0% during the 3rd quarter. IFP Advisors Inc now owns 183 shares of the company's stock worth $53,000 after purchasing an additional 158 shares in the last quarter. GAMMA Investing LLC increased its holdings in Praxis Precision Medicines by 10.3% in the 2nd quarter. GAMMA Investing LLC now owns 332 shares of the company's stock valued at $111,000 after buying an additional 31 shares during the period. Finally, ABS Direct Equity Fund LLC acquired a new position in shares of Praxis Precision Medicines in the 1st quarter valued at $135,000. 67.84% of the stock is owned by institutional investors and hedge funds.

Praxis Precision Medicines News Summary

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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