Praxis Precision Medicines (NASDAQ:PRAX) Price Target Raised to $166.00

Key Points

• Wedbush raised its price target on Praxis to $166 but kept an “underperform” rating, a level that implies about a 50.53% downside from the stock’s recent ~$335.54 price.
• Most analysts are far more bullish — five Strong Buy and twelve Buy ratings versus one Hold and two Sell — with an average price target of $592.78 and individual targets as high as $815.
• Praxis is a clinical-stage, CNS-focused biotech with a market cap of about $9.35 billion, reported quarterly EPS of ($3.20) and analysts projecting roughly -14.88 EPS for the year; institutions hold ~67.8% of the shares.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) had its target price lifted by research analysts at Wedbush from $130.00 to $166.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an "underperform" rating on the stock. Wedbush's target price suggests a potential downside of 50.53% from the stock's current price.

PRAX has been the topic of several other research reports. Truist Financial upgraded shares of Praxis Precision Medicines to a "strong-buy" rating in a report on Wednesday, March 25th. Wolfe Research began coverage on shares of Praxis Precision Medicines in a report on Monday, February 23rd. They issued an "outperform" rating and a $500.00 price target on the stock. Jefferies Financial Group reiterated a "buy" rating on shares of Praxis Precision Medicines in a report on Thursday. Raymond James Financial began coverage on shares of Praxis Precision Medicines in a report on Friday, April 10th. They issued a "strong-buy" rating and a $815.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $437.00 price target on shares of Praxis Precision Medicines in a report on Wednesday, April 15th. Five research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $592.78.

Praxis Precision Medicines Price Performance

Shares of PRAX stock opened at $335.54 on Friday. The firm has a market capitalization of $9.35 billion, a price-to-earnings ratio of -24.93 and a beta of 2.76. The business has a fifty day moving average of $317.78 and a 200 day moving average of $277.56. Praxis Precision Medicines has a 1 year low of $35.21 and a 1 year high of $356.00.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.58) by $0.38. As a group, equities research analysts expect that Praxis Precision Medicines will post -14.88 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC grew its position in Praxis Precision Medicines by 17.2% during the 4th quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company's stock worth $954,834,000 after purchasing an additional 476,227 shares during the period. Perceptive Advisors LLC grew its position in Praxis Precision Medicines by 27.6% during the 4th quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company's stock worth $588,297,000 after purchasing an additional 431,432 shares during the period. Adage Capital Partners GP L.L.C. grew its position in Praxis Precision Medicines by 13.3% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company's stock worth $83,031,000 after purchasing an additional 231,827 shares during the period. Vanguard Group Inc. grew its position in Praxis Precision Medicines by 15.3% during the 4th quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company's stock worth $430,595,000 after purchasing an additional 193,647 shares during the period. Finally, Orbis Allan Gray Ltd purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter worth about $369,946,000. 67.84% of the stock is owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company's pipeline includes several lead candidates at various stages of development.

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