Praxis Precision Medicines' (PRAX) Buy Rating Reiterated at BTIG Research

Key Points

• BTIG Research reiterated its Buy rating on Praxis Precision Medicines and set an $826 price target, implying 167.69% upside from the stock’s then-current price.
• Analyst views are mixed, but the consensus is Moderate Buy with an average price target of $630.42; three analysts rate the stock Strong Buy, 17 Buy, and two Sell.
• PRAX shares rose $30.95 to $308.56 on Monday. The company’s latest quarterly loss per share of $3.23 was narrower than the $3.54 consensus estimate.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating reiterated by analysts at BTIG Research in a research note issued on Monday, Benzinga reports. They presently have a $826.00 price objective on the stock. BTIG Research's target price would suggest a potential upside of 167.69% from the company's current price.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Praxis Precision Medicines in a research note on Monday, August 24th. Wall Street Zen downgraded Praxis Precision Medicines from a "hold" rating to a "sell" rating in a research report on Saturday, October 17th. Needham & Company LLC reiterated a "buy" rating and set a $582.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, September 24th. The Goldman Sachs Group restated a "buy" rating and set a $575.00 target price (up from $470.00) on shares of Praxis Precision Medicines in a research note on Friday, August 21st. Finally, JPMorgan Chase & Co. began coverage on 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. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Praxis Precision Medicines has a consensus rating of "Moderate Buy" and a consensus price target of $630.42.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock traded up $30.95 during trading hours on Monday, reaching $308.56. The stock had a trading volume of 434,978 shares, compared to its average volume of 465,089. The company has a market cap of $8.62 billion, a price-to-earnings ratio of -23.55 and a beta of 2.85. The business's 50 day moving average price is $291.73 and its 200-day moving average price is $313.72. Praxis Precision Medicines has a 52 week low of $160.11 and a 52 week high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly 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. On average, sell-side analysts forecast that Praxis Precision Medicines will post -14.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

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

About Praxis Precision Medicines

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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