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

Key Points

• Praxis Precision Medicines, Inc. has a consensus rating of "Moderate Buy" from twelve analysts, with an average 12-month price target of $85.56.
• Institutional investors own 67.84% of the company's stock, with notable increases in holdings from firms like Adage Capital Partners and Driehaus Capital Management.
• Shares of Praxis opened at $54.38, experiencing a decline of 1.5%, with a 12-month low of $26.70 and a high of $91.83.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) has earned a consensus rating of "Moderate Buy" from the twelve analysts that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, nine have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $85.5556.

PRAX has been the topic of several research reports. Chardan Capital reaffirmed a "buy" rating and issued a $80.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, July 29th. Weiss Ratings restated a "sell (d-)" rating on shares of Praxis Precision Medicines in a report on Saturday, September 27th. Needham & Company LLC reissued a "buy" rating and set a $80.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, June 12th. HC Wainwright restated a "buy" rating and issued a $115.00 price target (up previously from $105.00) on shares of Praxis Precision Medicines in a report on Tuesday, August 5th. Finally, Oppenheimer lifted their price target on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. grew its stake in shares of 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 buying an additional 231,827 shares in the last quarter. Cormorant Asset Management LP lifted its position in shares of Praxis Precision Medicines by 3.1% during the first quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company's stock worth $66,083,000 after purchasing an additional 51,781 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Praxis Precision Medicines by 2.2% in the first quarter. Vanguard Group Inc. now owns 1,087,020 shares of the company's stock valued at $41,165,000 after purchasing an additional 23,381 shares during the period. Assenagon Asset Management S.A. grew its holdings in Praxis Precision Medicines by 19.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 604,298 shares of the company's stock valued at $25,411,000 after purchasing an additional 96,898 shares in the last quarter. Finally, Driehaus Capital Management LLC grew its holdings in Praxis Precision Medicines by 192.0% during the 1st quarter. Driehaus Capital Management LLC now owns 481,598 shares of the company's stock valued at $18,238,000 after purchasing an additional 316,686 shares in the last quarter. Hedge funds and other institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Trading Down 1.5%

Shares of NASDAQ:PRAX opened at $54.38 on Monday. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of -4.42 and a beta of 2.62. The stock's 50-day moving average price is $47.54 and its two-hundred day moving average price is $43.06. Praxis Precision Medicines has a 12-month low of $26.70 and a 12-month high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings data 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. As a group, research analysts forecast that Praxis Precision Medicines will post -10.22 earnings per share 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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