Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives $116.50 Consensus Target Price from Analysts

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) has been given an average rating of "Moderate Buy" by the ten analysts that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $116.50.

Several equities research analysts recently commented on PRAX shares. Robert W. Baird cut their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Truist Financial cut their target price on Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. Wedbush boosted their price target on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a research report on Monday, May 5th. Needham & Company LLC reissued a "buy" rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a report on Monday, May 5th. Finally, Chardan Capital assumed coverage on shares of Praxis Precision Medicines in a report on Wednesday, May 7th. They issued a "buy" rating and a $80.00 target price on the stock.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CIBC Asset Management Inc boosted its holdings in Praxis Precision Medicines by 47.3% in the fourth quarter. CIBC Asset Management Inc now owns 366,756 shares of the company's stock valued at $28,226,000 after purchasing an additional 117,817 shares during the period. Barclays PLC raised its position in Praxis Precision Medicines by 126.8% in the 3rd quarter. Barclays PLC now owns 37,130 shares of the company's stock valued at $2,136,000 after purchasing an additional 20,759 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Praxis Precision Medicines by 85.6% in the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company's stock valued at $25,619,000 after buying an additional 205,335 shares during the period. China Universal Asset Management Co. Ltd. acquired a new position in shares of Praxis Precision Medicines during the fourth quarter worth about $304,000. Finally, Vanguard Group Inc. increased its stake in shares of Praxis Precision Medicines by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company's stock worth $81,858,000 after buying an additional 24,645 shares during the period. Hedge funds and other institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Trading Down 4.4%

PRAX traded down $1.66 on Friday, hitting $35.66. 77,488 shares of the company's stock were exchanged, compared to its average volume of 487,360. The firm has a 50-day moving average price of $35.62 and a 200-day moving average price of $60.37. The stock has a market cap of $726.36 million, a price-to-earnings ratio of -3.46 and a beta of 2.65. Praxis Precision Medicines has a fifty-two week low of $26.70 and a fifty-two week high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The company reported ($3.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. On average, equities analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current year.

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.