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

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating reissued by research analysts at BTIG Research in a report released on Friday,Benzinga reports. They currently have a $843.00 price objective on the stock. BTIG Research's target price indicates a potential upside of 152.94% from the company's previous close.

Other research analysts also recently issued reports about the company. Raymond James Financial assumed coverage on Praxis Precision Medicines in a research report on Friday, April 10th. They issued a "strong-buy" rating and a $815.00 price target on the stock. HC Wainwright reissued a "buy" rating and set a $1,245.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, April 7th. Piper Sandler reissued an "overweight" rating and set a $1,200.00 price objective (up from $450.00) on shares of Praxis Precision Medicines in a report on Wednesday, January 28th. Wolfe Research assumed coverage on Praxis Precision Medicines in a report on Monday, February 23rd. They set an "outperform" rating and a $500.00 price objective on the stock. Finally, Truist Financial raised Praxis Precision Medicines to a "strong-buy" rating in a report on Wednesday, March 25th. Five equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $590.78.

Praxis Precision Medicines Stock Down 1.4%

Shares of NASDAQ PRAX opened at $333.28 on Friday. The business's 50 day moving average is $317.78 and its two-hundred day moving average is $277.56. The company has a market cap of $9.29 billion, a P/E ratio of -24.76 and a beta of 2.76. Praxis Precision Medicines has a 12 month low of $35.21 and a 12 month high of $356.00.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, topping the consensus estimate of ($3.58) by $0.38. Sell-side analysts expect that Praxis Precision Medicines will post -14.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently modified their holdings of PRAX. Orbis Allan Gray Ltd bought a new position in shares of Praxis Precision Medicines during the 4th quarter worth approximately $369,946,000. Janus Henderson Group PLC lifted its position in shares of Praxis Precision Medicines by 17.2% during the 4th 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 lifted its position in shares of 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 buying an additional 454,114 shares during the period. Baker BROS. Advisors LP lifted its position in shares of Praxis Precision Medicines by 63.4% during the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company's stock worth $332,021,000 after buying an additional 437,000 shares during the period. Finally, Perceptive Advisors LLC lifted its position in shares of Praxis Precision Medicines by 27.6% during the 4th quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company's stock worth $588,297,000 after buying an additional 431,432 shares during the period. Institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Company Profile

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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