Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Target Raised at BTIG Research

Key Points

• BTIG Research raised Praxis Precision Medicines’ price target to $826 from $810 and maintained a “Buy” rating, implying 191.3% upside from the prior close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $613.26, despite two “Sell” ratings.
• PRAX shares opened at $283.56 and were down 4.0%; the company recently reported a quarterly loss of $2.87 per share, beating estimates for a $3.67 loss. Institutional investors own 67.84% of the stock.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) had its target price lifted by investment analysts at BTIG Research from $810.00 to $826.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. BTIG Research's price objective indicates a potential upside of 191.30% from the company's previous close.

PRAX has been the topic of a number of other reports. Robert W. Baird set a $514.00 target price on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Praxis Precision Medicines in a research note on Monday, August 24th. Piper Sandler reiterated an "overweight" rating on shares of Praxis Precision Medicines in a report on Monday, July 13th. Raymond James Financial reissued a "strong-buy" rating and issued a $945.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, August 17th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $462.00 target price (up from $449.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $613.26.

Praxis Precision Medicines Trading Down 4.0%

NASDAQ:PRAX opened at $283.56 on Tuesday. The company has a market cap of $7.92 billion, a price-to-earnings ratio of -21.93 and a beta of 2.79. Praxis Precision Medicines has a twelve month low of $50.31 and a twelve month high of $392.70. The stock has a fifty day simple moving average of $332.94 and a 200-day simple moving average of $321.06.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, topping analysts' consensus estimates of ($3.67) by $0.80. As a group, equities research analysts predict that Praxis Precision Medicines will post -13.9 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Several hedge funds and other institutional investors have recently made changes to their positions in PRAX. Integrated Wealth Concepts LLC acquired a new position in Praxis Precision Medicines during the 2nd quarter valued at about $38,000. Parallel Advisors LLC boosted its holdings in Praxis Precision Medicines by 3,000.0% in the first quarter. Parallel Advisors LLC now owns 124 shares of the company's stock worth $40,000 after acquiring an additional 120 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Praxis Precision Medicines by 10.3% during the second quarter. GAMMA Investing LLC now owns 332 shares of the company's stock worth $111,000 after acquiring an additional 31 shares during the last quarter. ABS Direct Equity Fund LLC purchased a new stake in shares of Praxis Precision Medicines during the first quarter worth about $135,000. Finally, ACT Capital Management LLC acquired a new position in shares of Praxis Precision Medicines during the fourth quarter valued at about $206,000. Hedge funds and other institutional investors own 67.84% of the company's stock.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for central nervous system disorders. The company uses insights from human genetics, neuroscience and its Cerebrum™ platform to identify and advance medicines for conditions in which existing treatment options may be limited.

Praxis' pipeline has included investigational treatments for epilepsies and other neurological disorders, including developmental and epileptic encephalopathies, essential tremor and movement-related conditions.

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