Praxis Precision Medicines' (PRAX) "Buy" Rating Reiterated at BTIG Research

Key Points

• BTIG Research reiterated its “Buy” rating on Praxis Precision Medicines and maintained an $810 price target, implying 173.82% potential upside from the stock’s current price.
• Analyst sentiment remains broadly positive, with a MarketBeat consensus rating of “Moderate Buy” and an average price target of $563.50, despite a range of targets and one “Underperform” rating.
• Praxis reported quarterly EPS of -$3.20, beating the consensus estimate of -$3.58. The stock opened at $295.81, has a market capitalization of about $8.25 billion, and has traded between $37.19 and $366.52 over the past year.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report)'s stock had its "buy" rating reiterated by BTIG Research in a note issued to investors on Wednesday,Benzinga reports. They currently have a $810.00 price target on the stock. BTIG Research's target price indicates a potential upside of 173.82% from the stock's current price.

Other equities analysts have also recently issued reports about the company. Raymond James Financial began coverage on Praxis Precision Medicines in a research report on Friday, April 10th. They issued a "strong-buy" rating and a $815.00 price objective on the stock. HC Wainwright reduced their target price on Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a "buy" rating for the company in a report on Tuesday, June 2nd. Truist Financial set a $616.00 price target on Praxis Precision Medicines and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. Royal Bank Of Canada started coverage on Praxis Precision Medicines in a report on Wednesday, June 17th. They set an "outperform" rating and a $449.00 price target on the stock. Finally, Wedbush decreased their target price on Praxis Precision Medicines from $166.00 to $162.00 and set an "underperform" rating for the company in a research report on Tuesday, June 2nd. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Praxis Precision Medicines has a consensus rating of "Moderate Buy" and an average target price of $563.50.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock opened at $295.81 on Wednesday. The company has a 50-day simple moving average of $308.21 and a two-hundred day simple moving average of $314.35. The stock has a market capitalization of $8.25 billion, a PE ratio of -22.12 and a beta of 2.74. Praxis Precision Medicines has a 52-week low of $37.19 and a 52-week high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, beating analysts' consensus estimates of ($3.58) by $0.38. As a group, equities research analysts forecast that Praxis Precision Medicines will post -14.82 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jill Desimone sold 11,600 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the transaction, the director directly owned 2,337 shares of the company's stock, valued at $727,554.84. This represents a 83.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.00% of the company's stock.

Institutional Trading of Praxis Precision Medicines

Several large investors have recently modified their holdings of PRAX. Massachusetts Financial Services Co. MA purchased a new position in Praxis Precision Medicines in the fourth quarter worth about $977,000. Swiss National Bank lifted its stake in shares of Praxis Precision Medicines by 15.3% in the 1st quarter. Swiss National Bank now owns 46,700 shares of the company's stock worth $15,046,000 after purchasing an additional 6,200 shares during the period. Fifth Third Bancorp purchased a new position in shares of Praxis Precision Medicines in the first quarter worth approximately $1,156,000. Geode Capital Management LLC grew its position in Praxis Precision Medicines by 23.1% during the fourth quarter. Geode Capital Management LLC now owns 562,379 shares of the company's stock valued at $165,783,000 after buying an additional 105,347 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in Praxis Precision Medicines by 88.0% during the third quarter. JPMorgan Chase & Co. now owns 26,208 shares of the company's stock valued at $1,389,000 after buying an additional 12,270 shares during the last quarter. Institutional investors own 67.84% of the company's stock.

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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