Brokerages Set Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Target Price at $109.90

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) has been assigned an average rating of "Moderate Buy" from the ten research firms that are covering the firm, Marketbeat 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 target among analysts that have covered the stock in the last year is $109.90.

PRAX has been the topic of several research reports. Chardan Capital initiated coverage on shares of Praxis Precision Medicines in a research report on Wednesday, May 7th. They set a "buy" rating and a $80.00 price objective on the stock. Deutsche Bank Aktiengesellschaft started coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a "buy" rating and a $111.00 price target on the stock. Truist Financial dropped their price target 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. HC Wainwright reiterated a "buy" rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, May 1st. Finally, Wedbush raised their price objective on Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a report on Monday, May 5th.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX traded up $0.17 on Tuesday, hitting $41.37. The company's stock had a trading volume of 482,681 shares, compared to its average volume of 386,042. The company has a market capitalization of $842.67 million, a PE ratio of -4.02 and a beta of 2.60. The company has a 50-day simple moving average of $35.71 and a 200 day simple moving average of $56.58. Praxis Precision Medicines has a 1 year low of $26.70 and a 1 year high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share for the quarter, missing analysts' consensus estimates 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 research analysts expect that Praxis Precision Medicines will post -10.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors have recently bought and sold shares of the stock. GF Fund Management CO. LTD. purchased a new position in Praxis Precision Medicines in the 4th quarter worth approximately $30,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Praxis Precision Medicines in the fourth quarter worth $48,000. Graham Capital Management L.P. bought a new stake in Praxis Precision Medicines during the 4th quarter valued at $209,000. KLP Kapitalforvaltning AS bought a new stake in Praxis Precision Medicines during the 4th quarter valued at $215,000. Finally, Envestnet Asset Management Inc. purchased a new stake in Praxis Precision Medicines during the 4th quarter valued at $231,000. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.