Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Given Average Rating of "Moderate Buy" by Brokerages

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) have received a consensus rating of "Moderate Buy" from the ten research firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $109.90.

PRAX has been the topic of a number of research analyst reports. Oppenheimer set a $97.00 price target on Praxis Precision Medicines and gave the stock an "outperform" rating in a research report on Monday, June 2nd. Chardan Capital initiated coverage on Praxis Precision Medicines in a research note on Wednesday, May 7th. They issued a "buy" rating and a $80.00 price objective on the stock. HC Wainwright restated a "buy" rating and set a $105.00 target price on shares of Praxis Precision Medicines in a report on Thursday, May 1st. Needham & Company LLC restated a "buy" rating and issued a $80.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, June 12th. Finally, Truist Financial reduced their price target on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating on the stock in a research report on Monday, March 3rd.

Institutional Trading of Praxis Precision Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its stake in shares of Praxis Precision Medicines by 6.7% in the 1st quarter. Rhumbline Advisers now owns 24,294 shares of the company's stock valued at $920,000 after purchasing an additional 1,525 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Praxis Precision Medicines by 367.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company's stock valued at $3,298,000 after buying an additional 68,466 shares during the period. Woodline Partners LP boosted its stake in Praxis Precision Medicines by 1,666.5% in the first quarter. Woodline Partners LP now owns 175,727 shares of the company's stock valued at $6,655,000 after acquiring an additional 165,779 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Praxis Precision Medicines by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company's stock valued at $444,000 after acquiring an additional 573 shares during the last quarter. Finally, Cormorant Asset Management LP grew its holdings in Praxis Precision Medicines by 3.1% during the 1st quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company's stock worth $66,083,000 after acquiring an additional 51,781 shares during the period. 67.84% of the stock is owned by institutional investors.

Praxis Precision Medicines Stock Performance

PRAX opened at $43.00 on Friday. The firm's 50-day simple moving average is $39.77 and its 200-day simple moving average is $52.92. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $91.83. The firm has a market cap of $875.91 million, a price-to-earnings ratio of -4.01 and a beta of 2.60.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) EPS for the quarter, missing analysts' consensus estimates of ($3.20) by ($0.09). Praxis Precision Medicines had a negative net margin of 2,137.48% and a negative return on equity of 50.42%. As a group, sell-side analysts anticipate that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

About Praxis Precision Medicines

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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