Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Stock Rated "Moderate Buy" by Wall Street Brokerages

Key Points

• Analysts are broadly positive: Praxis has a “Moderate Buy” consensus, with 17 buy and three strong-buy ratings versus two sell ratings. The average 12-month price target is $630.42.
• Quarterly results beat estimates: The company reported a loss of $3.23 per share, narrower than analysts’ expected loss of $3.54; analysts forecast a full-year loss of $14.15 per share.
• PRAX opened at $332.97, within its 52-week range of $160.11 to $392.70. Institutional investors and hedge funds own 67.84% of its shares.

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the twenty-two ratings firms that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $630.42.

A number of equities analysts have weighed in on the company. Royal Bank Of Canada reissued an "outperform" rating and issued a $462.00 target price (up from $449.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Wells Fargo & Company reiterated a "positive" rating and issued a $362.00 price target (up from $323.00) on shares of Praxis Precision Medicines in a research note on Friday, August 7th. HC Wainwright reiterated a "buy" rating and issued a $1,201.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, October 15th. Piper Sandler restated an "overweight" rating on shares of Praxis Precision Medicines in a research report on Monday, July 13th. Finally, UBS Group began coverage on shares of Praxis Precision Medicines in a report on Wednesday, October 14th. They issued a "buy" rating and a $706.00 target price on the stock.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in shares of Praxis Precision Medicines by 10.3% in 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 period. KBC Group NV grew its position in shares of Praxis Precision Medicines by 5.8% during the first quarter. KBC Group NV now owns 715 shares of the company's stock worth $230,000 after purchasing an additional 39 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in Praxis Precision Medicines by 0.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 6,167 shares of the company's stock valued at $1,796,000 after purchasing an additional 56 shares during the period. Carl P. Sherr & Co. LLC raised its stake in Praxis Precision Medicines by 8.4% during the 1st quarter. Carl P. Sherr & Co. LLC now owns 972 shares of the company's stock valued at $313,000 after purchasing an additional 75 shares during the period. Finally, Eagle Bay Advisors LLC raised its stake in Praxis Precision Medicines by 11.3% during the 3rd quarter. Eagle Bay Advisors LLC now owns 1,064 shares of the company's stock valued at $310,000 after purchasing an additional 108 shares during the period. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Performance

NASDAQ:PRAX opened at $332.97 on Tuesday. The firm has a market cap of $9.30 billion, a P/E ratio of -25.75 and a beta of 2.85. Praxis Precision Medicines has a fifty-two week low of $160.11 and a fifty-two week high of $392.70. The firm has a 50-day simple moving average of $291.50 and a two-hundred day simple moving average of $313.82.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its earnings results on Monday, November 9th. The company reported ($3.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.54) by $0.31. On average, equities research analysts predict that Praxis Precision Medicines will post -14.15 EPS for the current year.

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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