Jones Trading Initiates Coverage on Praxis Precision Medicines (NASDAQ:PRAX)

Key Points

• Jones Trading has initiated coverage on Praxis Precision Medicines (NASDAQ:PRAX) with a buy rating and a price target of $83.00, suggesting a 88.51% upside from the last closing price.
• Praxis has received positive ratings from multiple analysts, with a consensus rating of "Moderate Buy" and an average price target of $85.56.
• The stock has shown significant volatility, with a 52-week low of $26.70 and a high of $91.83, currently trading around $44.03.

Stock analysts at Jones Trading assumed coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) in a research note issued to investors on Thursday,Benzinga reports. The brokerage set a "buy" rating and a $83.00 price target on the stock. Jones Trading's price target indicates a potential upside of 88.51% from the company's previous close.

PRAX has been the topic of a number of other research reports. Needham & Company LLC restated a "buy" rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, June 12th. Jefferies Financial Group restated a "buy" rating on shares of Praxis Precision Medicines in a research report on Tuesday, September 2nd. Oppenheimer boosted their price objective on Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Lifesci Capital upgraded Praxis Precision Medicines to a "strong-buy" rating in a research report on Wednesday, September 3rd. Finally, Chardan Capital restated a "buy" rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $85.56.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock opened at $44.03 on Thursday. Praxis Precision Medicines has a 52 week low of $26.70 and a 52 week high of $91.83. The stock has a market capitalization of $926.83 million, a P/E ratio of -3.58 and a beta of 2.61. The stock has a fifty day moving average of $48.56 and a 200-day moving average of $41.92.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported ($3.31) earnings per share for the quarter, topping analysts' consensus estimates of ($3.40) by $0.09. Praxis Precision Medicines had a negative return on equity of 60.07% and a negative net margin of 2,137.48%. On average, research analysts forecast that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Praxis Precision Medicines by 2.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,135 shares of the company's stock worth $856,000 after buying an additional 258 shares during the period. California State Teachers Retirement System raised its stake in shares of Praxis Precision Medicines by 2.2% in the fourth quarter. California State Teachers Retirement System now owns 12,726 shares of the company's stock worth $979,000 after purchasing an additional 275 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Praxis Precision Medicines by 88.3% in the second quarter. Nisa Investment Advisors LLC now owns 629 shares of the company's stock worth $26,000 after purchasing an additional 295 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Praxis Precision Medicines by 24.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company's stock worth $77,000 after purchasing an additional 359 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System raised its stake in shares of Praxis Precision Medicines by 6.4% in the second quarter. State Board of Administration of Florida Retirement System now owns 6,425 shares of the company's stock worth $270,000 after purchasing an additional 385 shares during the last quarter. 67.84% of the stock is owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.

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