Praxis Precision Medicines (NASDAQ:PRAX) Given Buy Rating at Truist Financial

Key Points

• Truist Financial has reaffirmed a buy rating for Praxis Precision Medicines (NASDAQ:PRAX), raising their price target to $360, indicating a potential upside of 92.41% from the current price.
• Multiple analysts, including HC Wainwright and Needham & Company, have also raised their price targets for the stock, with an average consensus price target of $218.27.
• The stock has recently increased by 15%, closing at $187.10, with institutional investors owning 67.84% of the company's shares.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Truist Financial in a research note issued to investors on Friday,Benzinga reports. They presently have a $360.00 target price on the stock, up from their prior target price of $85.00. Truist Financial's price objective suggests a potential upside of 92.41% from the company's current price.

PRAX has been the topic of a number of other reports. HC Wainwright raised their price target on shares of Praxis Precision Medicines from $115.00 to $232.00 and gave the stock a "buy" rating in a research report on Thursday. Needham & Company LLC increased their price objective on shares of Praxis Precision Medicines from $80.00 to $250.00 and gave the stock a "buy" rating in a research note on Thursday. Chardan Capital set a $330.00 price objective on shares of Praxis Precision Medicines and gave the stock a "buy" rating in a research note on Friday. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $280.00 price objective (up from $65.00) on shares of Praxis Precision Medicines in a research note on Friday. Finally, Oppenheimer increased their price objective on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $218.27.

Praxis Precision Medicines Stock Up 15.0%

Shares of NASDAQ PRAX traded up $24.39 during mid-day trading on Friday, reaching $187.10. 1,239,539 shares of the company were exchanged, compared to its average volume of 511,602. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $205.89. The company's 50-day simple moving average is $49.92 and its 200-day simple moving average is $44.71. The stock has a market capitalization of $3.94 billion, a P/E ratio of -15.42 and a beta of 2.62.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported ($3.31) EPS for the quarter, topping analysts' consensus estimates of ($3.40) by $0.09. As a group, equities research analysts expect that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PRAX. Adage Capital Partners GP L.L.C. lifted its position in shares of Praxis Precision Medicines by 188.1% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 1,742,758 shares of the company's stock valued at $65,998,000 after acquiring an additional 1,137,748 shares during the period. Driehaus Capital Management LLC lifted its position in shares of 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 acquiring an additional 316,686 shares during the period. Vivo Capital LLC acquired a new position in shares of Praxis Precision Medicines during the 2nd quarter valued at $7,048,000. Woodline Partners LP lifted its position in shares of Praxis Precision Medicines by 1,666.5% during the 1st quarter. Woodline Partners LP now owns 175,727 shares of the company's stock valued at $6,655,000 after acquiring an additional 165,779 shares during the period. Finally, Aberdeen Group plc lifted its position in shares of Praxis Precision Medicines by 143.5% during the 2nd quarter. Aberdeen Group plc now owns 214,056 shares of the company's stock valued at $9,001,000 after acquiring an additional 126,153 shares during the period. 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.

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