Praxis Precision Medicines (NASDAQ:PRAX) Raised to “Strong-Buy” at Wolfe Research

Praxis Precision Medicines (NASDAQ:PRAX) was upgraded by investment analysts at Wolfe Research to a “strong-buy” rating in a report issued on Monday, MarketBeat Ratings reports.

Several other brokerages have also recently issued reports on PRAX. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $412.00 price objective on shares of Praxis Precision Medicines in a research note on Friday. Jefferies Financial Group restated a “buy” rating and set a $450.00 target price (up from $300.00) on shares of Praxis Precision Medicines in a report on Tuesday, December 9th. Robert W. Baird set a $433.00 price target on Praxis Precision Medicines and gave the company an “outperform” rating in a report on Friday. UBS Group set a $750.00 price objective on Praxis Precision Medicines in a research note on Monday, December 15th. Finally, BTIG Research restated a “buy” rating and issued a $843.00 target price (up from $507.00) on shares of Praxis Precision Medicines in a report on Monday, December 29th. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $576.12.

Praxis Precision Medicines Stock Performance

PRAX opened at $342.71 on Monday. The company has a market capitalization of $9.54 billion, a PE ratio of -25.46 and a beta of 2.84. The stock’s fifty day moving average is $303.28 and its 200-day moving average is $184.26. Praxis Precision Medicines has a one year low of $26.70 and a one year high of $356.00.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Thursday, February 19th. The company reported ($3.50) earnings per share for the quarter, missing the consensus estimate of ($3.00) by ($0.50). On average, equities research analysts forecast that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds have recently modified their holdings of PRAX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Praxis Precision Medicines by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company’s stock worth $444,000 after buying an additional 573 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Praxis Precision Medicines by 367.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company’s stock worth $3,298,000 after acquiring an additional 68,466 shares in the last quarter. CWM LLC boosted its position in Praxis Precision Medicines by 877.9% during the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock worth $32,000 after acquiring an additional 676 shares during the period. Nisa Investment Advisors LLC boosted its position in 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. Finally, Geode Capital Management LLC grew its stake in Praxis Precision Medicines by 8.1% during the 2nd quarter. Geode Capital Management LLC now owns 451,731 shares of the company’s stock valued at $18,997,000 after acquiring an additional 33,715 shares in the last quarter. Hedge funds and other 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.