Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Praxis Precision Medicines, Inc. has been given an average rating of "Moderate Buy" by eight analysts, with one sell recommendation and seven buy recommendations.
• The average 12-month price target for the stock is $85.88, with notable targets set at $115.00 by Oppenheimer and $80.00 by Chardan Capital.
• Praxis Precision Medicines reported a quarterly EPS of ($3.31), exceeding consensus estimates, while analysts predict a -10.22 EPS for the current fiscal year.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) has been given an average rating of "Moderate Buy" by the eight brokerages that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and seven have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $85.8750.

Several equities research analysts have issued reports on PRAX shares. HC Wainwright reaffirmed a "buy" rating and set a $115.00 price target (up previously from $105.00) on shares of Praxis Precision Medicines in a report on Tuesday, August 5th. Needham & Company LLC reiterated a "buy" rating and set a $80.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, June 12th. Wedbush lifted their target price on Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a report on Monday, May 5th. Oppenheimer lifted their target price on Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Finally, Chardan Capital reissued a "buy" rating and set a $80.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, July 29th.

Praxis Precision Medicines Stock Performance

NASDAQ PRAX traded down $1.84 during trading hours on Friday, reaching $44.79. 328,719 shares of the company's stock were exchanged, compared to its average volume of 455,064. The company's 50-day moving average is $48.71 and its two-hundred day moving average is $46.67. Praxis Precision Medicines has a one year low of $26.70 and a one year high of $91.83. The company has a market capitalization of $942.83 million, a price-to-earnings ratio of -3.64 and a beta of 2.62.

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

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC lifted its holdings in shares of Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company's stock worth $77,000 after buying an additional 359 shares in the last quarter. Exome Asset Management LLC acquired a new position in Praxis Precision Medicines in the second quarter valued at about $2,481,000. Brevan Howard Capital Management LP acquired a new position in Praxis Precision Medicines in the second quarter valued at about $358,000. Adage Capital Partners GP L.L.C. raised its stake in Praxis Precision Medicines by 13.3% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company's stock valued at $83,031,000 after purchasing an additional 231,827 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Praxis Precision Medicines by 103.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,873 shares of the company's stock valued at $1,005,000 after purchasing an additional 12,165 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company's stock.

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.