BTIG Research Reaffirms "Buy" Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Key Points

• BTIG Research reaffirmed a "Buy" on Praxis Precision Medicines with a $843 price target, implying roughly 168% upside from the current price.
• Analyst consensus is a "Moderate Buy" with an average price target of $576.12, while individual ratings vary widely (four Strong Buy, twelve Buy, one Hold, two Sell) and price targets range from about $500 to $1,245.
• Shares traded at $314.05 (up ~1.2%) after the company missed quarterly EPS (-$3.50 vs. -$3.00), and institutional investors now own about 67.84% of the stock with several hedge funds materially increasing positions.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating restated by stock analysts at BTIG Research in a note issued to investors on Monday,Benzinga reports. They currently have a $843.00 target price on the stock. BTIG Research's target price would suggest a potential upside of 168.43% from the stock's current price.

Other equities analysts have also recently issued reports about the company. Citigroup restated a "conviction-buy" rating on shares of Praxis Precision Medicines in a report on Tuesday, December 30th. Wolfe Research started coverage on shares of Praxis Precision Medicines in a research report on Monday, February 23rd. They issued an "outperform" rating and a $500.00 price target for the company. Needham & Company LLC lifted their target price on shares of Praxis Precision Medicines from $460.00 to $510.00 and gave the company a "buy" rating in a report on Wednesday, February 4th. Weiss Ratings reissued a "sell (e+)" rating on shares of Praxis Precision Medicines in a research note on Monday, December 29th. Finally, HC Wainwright reissued a "buy" rating and set a $1,245.00 price target (up from $340.00) on shares of Praxis Precision Medicines in a research report on Friday, January 30th. Four investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $576.12.

Praxis Precision Medicines Stock Up 1.2%

Shares of PRAX traded up $3.67 during trading hours on Monday, reaching $314.05. 105,789 shares of the company traded hands, compared to its average volume of 482,453. Praxis Precision Medicines has a 12-month low of $26.70 and a 12-month high of $356.00. The business has a fifty day moving average price of $313.85 and a 200-day moving average price of $236.37. The stock has a market capitalization of $8.75 billion, a P/E ratio of -23.34 and a beta of 2.94.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings results on Thursday, February 19th. The company reported ($3.50) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($3.00) by ($0.50). As a group, research analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds have recently added to or reduced their stakes in the business. Orbis Allan Gray Ltd bought a new stake in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $369,946,000. Janus Henderson Group PLC boosted its holdings in shares of Praxis Precision Medicines by 17.2% in the fourth quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company's stock worth $954,834,000 after buying an additional 476,227 shares during the period. Barclays PLC grew its position in Praxis Precision Medicines by 592.6% during the 4th quarter. Barclays PLC now owns 530,751 shares of the company's stock worth $156,434,000 after purchasing an additional 454,114 shares in the last quarter. Baker BROS. Advisors LP grew its holdings in shares of Praxis Precision Medicines by 63.4% during the fourth quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company's stock valued at $332,021,000 after buying an additional 437,000 shares in the last quarter. Finally, Perceptive Advisors LLC increased its holdings in shares of Praxis Precision Medicines by 27.6% in the 4th quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company's stock valued at $588,297,000 after purchasing an additional 431,432 shares during the period. Institutional investors and hedge funds own 67.84% of the company's stock.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company's pipeline includes several lead candidates at various stages of development.

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