Analysts Set Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Price Target at $116.50

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) has received an average recommendation of "Moderate Buy" from the ten ratings firms that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and nine have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $116.50.

A number of equities research analysts have recently commented on the company. Robert W. Baird cut their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Truist Financial reduced their target price on shares of 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 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. Deutsche Bank Aktiengesellschaft initiated coverage on Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a "buy" rating and a $111.00 target price on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, May 1st.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PRAX. CIBC Asset Management Inc increased its position in shares of Praxis Precision Medicines by 47.3% during the 4th 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 last quarter. Barclays PLC increased its stake in shares of Praxis Precision Medicines by 126.8% in the 3rd quarter. Barclays PLC now owns 37,130 shares of the company's stock worth $2,136,000 after acquiring an additional 20,759 shares in the last quarter. Franklin Resources Inc. boosted its position 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 worth $25,619,000 after purchasing an additional 205,335 shares in the last quarter. China Universal Asset Management Co. Ltd. purchased a new position in shares of Praxis Precision Medicines in the 4th quarter worth about $304,000. Finally, Vanguard Group Inc. increased its position 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 valued at $81,858,000 after acquiring an additional 24,645 shares in the last quarter. Hedge funds and other institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Stock Up 0.8 %

Shares of Praxis Precision Medicines stock traded up $0.29 during trading on Friday, hitting $38.35. 250,805 shares of the company were exchanged, compared to its average volume of 391,160. The stock has a market capitalization of $781.15 million, a price-to-earnings ratio of -3.72 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. The firm has a 50 day moving average price of $35.62 and a 200 day moving average price of $60.84.

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 the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. Analysts predict that Praxis Precision Medicines will post -10.22 earnings per share 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.