Praxis Precision Medicines (NASDAQ:PRAX) Shares Gap Up After Analyst Upgrade

Key Points

• Praxis Precision Medicines' shares experienced a significant increase after HC Wainwright raised its price target from $115.00 to $232.00, with the stock opening at $178.90 and trading last at $190.17.
• Multiple research firms have issued positive ratings on the stock, leading to a consensus price target of $218.27 and a majority of analysts rating it as a "Buy" or "Strong Buy."
• Institutional investors have increased their stakes in Praxis Precision Medicines, with hedge funds owning approximately 67.84% of the company's stock.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report)'s share price gapped up before the market opened on Friday after HC Wainwright raised their price target on the stock from $115.00 to $232.00. The stock had previously closed at $162.71, but opened at $178.90. HC Wainwright currently has a buy rating on the stock. Praxis Precision Medicines shares last traded at $190.17, with a volume of 1,904,162 shares.

Several other research firms also recently issued reports on PRAX. Lifesci Capital upgraded shares of Praxis Precision Medicines to a "strong-buy" rating in a report on Wednesday, September 3rd. Jefferies Financial Group reaffirmed a "buy" rating and issued a $300.00 price target (up previously from $65.00) on shares of Praxis Precision Medicines in a report on Thursday. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $280.00 price objective (up from $65.00) on shares of Praxis Precision Medicines in a report on Friday. Guggenheim set a $350.00 target price on Praxis Precision Medicines and gave the stock a "buy" rating in a research note on Thursday. Finally, Chardan Capital set a $330.00 price target on Praxis Precision Medicines and gave the company a "buy" rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $218.27.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PRAX. Adage Capital Partners GP L.L.C. raised its position in Praxis Precision Medicines by 13.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company's stock worth $83,031,000 after acquiring an additional 231,827 shares during the period. Cormorant Asset Management LP increased its stake 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. raised its position in shares of Praxis Precision Medicines by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 1,087,020 shares of the company's stock worth $41,165,000 after purchasing an additional 23,381 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Praxis Precision Medicines by 19.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 604,298 shares of the company's stock valued at $25,411,000 after buying an additional 96,898 shares in the last quarter. Finally, Driehaus Capital Management LLC boosted its holdings in Praxis Precision Medicines by 192.0% in the 1st quarter. Driehaus Capital Management LLC now owns 481,598 shares of the company's stock worth $18,238,000 after buying an additional 316,686 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Price Performance

The firm has a market cap of $3.93 billion, a price-to-earnings ratio of -15.36 and a beta of 2.62. The business has a fifty day simple moving average of $49.92 and a 200 day simple moving average of $44.71.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported ($3.31) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.40) by $0.09. On average, research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal 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.

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