Praxis Precision Medicines (NASDAQ:PRAX) Trading 7.9% Higher Following Analyst Upgrade

Key Points

• Praxis Precision Medicines' shares rose 7.9% following an upgrade from Wedbush, which increased their price target from $33.00 to $73.00.
• Multiple other analysts have raised their price targets significantly, with Truist Financial setting a target as high as $360.00 and a consensus price target of $222.36 among analysts.
• Institutional investors have increased their stakes in Praxis Precision Medicines, with large commitments from firms like Adage Capital Partners and Driehaus Capital Management, leading to institutional ownership of 67.84%.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) shares rose 7.9% during trading on Tuesday after Wedbush raised their price target on the stock from $33.00 to $73.00. Wedbush currently has an underperform rating on the stock. Praxis Precision Medicines traded as high as $185.00 and last traded at $188.82. Approximately 246,518 shares were traded during trading, a decline of 54% from the average daily volume of 536,504 shares. The stock had previously closed at $175.07.

Other research analysts have also recently issued research reports about the stock. Truist Financial reiterated a "buy" rating and issued a $360.00 target price (up previously from $85.00) on shares of Praxis Precision Medicines in a research note on Friday. HC Wainwright lifted their target price on shares of Praxis Precision Medicines from $115.00 to $232.00 and gave the company a "buy" rating in a research note on Thursday, October 16th. Oppenheimer lifted their target price on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Weiss Ratings restated a "sell (d-)" rating on shares of Praxis Precision Medicines in a research report on Wednesday, October 8th. Finally, Guggenheim set a $350.00 price objective on shares of Praxis Precision Medicines and gave the stock a "buy" rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $222.36.

Institutional Trading of Praxis Precision Medicines

Several institutional investors and hedge funds have recently made changes to their positions in the business. Adage Capital Partners GP L.L.C. grew its holdings in shares of Praxis Precision Medicines by 13.3% in the 2nd 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 during the period. Cormorant Asset Management LP grew its holdings in shares of Praxis Precision Medicines by 3.1% in the 1st quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company's stock valued at $66,083,000 after buying an additional 51,781 shares during the period. Vanguard Group Inc. grew its holdings in shares of Praxis Precision Medicines by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 1,087,020 shares of the company's stock valued at $41,165,000 after buying an additional 23,381 shares during the period. Assenagon Asset Management S.A. grew its holdings in shares of 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 during the period. Finally, Driehaus Capital Management LLC grew its holdings in shares of Praxis Precision Medicines by 192.0% in the 1st quarter. Driehaus Capital Management LLC now owns 481,598 shares of the company's stock valued at $18,238,000 after buying an additional 316,686 shares during the period. Institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Trading Up 7.7%

The company has a market cap of $3.99 billion, a price-to-earnings ratio of -15.34 and a beta of 2.62. The firm's fifty day moving average price is $55.41 and its 200-day moving average price is $46.92.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported ($3.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.40) by $0.09. As a group, research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current 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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