Wedbush Increases Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $73.00

Key Points

• Wedbush has increased its price target for Praxis Precision Medicines (NASDAQ:PRAX) from $33.00 to $73.00, indicating a potential downside of 60.73% from its current price.
• Other analysts have varied outlooks, with Deutsche Bank setting a price target of $280.00 and Jefferies at $300.00, while Weiss Ratings reaffirmed a "sell" rating.
• Praxis Precision Medicines reported a quarterly earnings per share of ($3.31), slightly better than analysts' expectations, and is anticipated to post -10.22 EPS for the current year.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) had its target price increased by analysts at Wedbush from $33.00 to $73.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an "underperform" rating on the stock. Wedbush's target price suggests a potential downside of 60.73% from the company's current price.

Other equities research analysts also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $280.00 price target (up previously from $65.00) on shares of Praxis Precision Medicines in a report on Friday. Jefferies Financial Group reissued a "buy" rating and issued a $300.00 price objective (up from $65.00) on shares of Praxis Precision Medicines in a research report on Thursday. Truist Financial reiterated a "buy" rating and set a $360.00 target price (up previously from $85.00) on shares of Praxis Precision Medicines in a research note on Friday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Praxis Precision Medicines in a report on Wednesday, October 8th. Finally, HC Wainwright raised their target price on Praxis Precision Medicines from $115.00 to $232.00 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 assigned a Buy rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $222.36.

Praxis Precision Medicines Price Performance

NASDAQ PRAX opened at $185.89 on Monday. Praxis Precision Medicines has a 12 month low of $26.70 and a 12 month high of $205.89. The stock has a market capitalization of $3.94 billion, a P/E ratio of -15.32 and a beta of 2.62. The firm's 50-day moving average is $52.80 and its two-hundred day moving average is $45.93.

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

Institutional Trading of Praxis Precision Medicines

Institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC lifted its holdings in shares of Praxis Precision Medicines by 88.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company's stock worth $26,000 after acquiring an additional 295 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Praxis Precision Medicines by 24.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company's stock valued at $77,000 after buying an additional 359 shares during the period. State Board of Administration of Florida Retirement System increased its stake in Praxis Precision Medicines by 6.4% during the second quarter. State Board of Administration of Florida Retirement System now owns 6,425 shares of the company's stock worth $270,000 after acquiring an additional 385 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Praxis Precision Medicines by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company's stock worth $444,000 after purchasing an additional 573 shares during the period. Finally, CWM LLC raised its holdings in Praxis Precision Medicines by 877.9% in the second quarter. CWM LLC now owns 753 shares of the company's stock valued at $32,000 after buying an additional 676 shares during the period. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

About Praxis Precision Medicines

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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