BTIG Research Reiterates “Buy” Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reissued by stock analysts at BTIG Research in a research report issued on Wednesday,Benzinga reports. They presently have a $843.00 price objective on the stock. BTIG Research’s price target suggests a potential upside of 162.94% from the company’s current price.

Several other equities analysts have also recently weighed in on PRAX. Deutsche Bank Aktiengesellschaft set a $420.00 price objective on shares of Praxis Precision Medicines in a research report on Friday, May 8th. Jefferies Financial Group reiterated a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, May 7th. Wells Fargo & Company set a $305.00 price objective on shares of Praxis Precision Medicines and gave the stock an “equal weight” rating in a research report on Friday, February 20th. Robert W. Baird set a $433.00 price objective on Praxis Precision Medicines and gave the stock an “outperform” rating in a research note on Friday, February 20th. Finally, Wedbush increased their price objective on Praxis Precision Medicines from $130.00 to $166.00 and gave the stock an “underperform” rating in a research note on Friday, May 8th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $592.67.

Praxis Precision Medicines Price Performance

PRAX stock opened at $320.61 on Wednesday. Praxis Precision Medicines has a 12 month low of $35.21 and a 12 month high of $358.76. The firm has a market cap of $8.94 billion, a PE ratio of -23.98 and a beta of 2.76. The firm has a 50 day simple moving average of $318.99 and a 200 day simple moving average of $285.99.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, beating the consensus estimate of ($3.58) by $0.38. As a group, sell-side analysts expect that Praxis Precision Medicines will post -14.79 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Orbis Allan Gray Ltd bought a new stake in shares of Praxis Precision Medicines during the 4th quarter worth about $369,946,000. Janus Henderson Group PLC boosted its stake in shares of Praxis Precision Medicines by 17.2% during the 4th quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock worth $954,834,000 after acquiring an additional 476,227 shares in the last quarter. Barclays PLC boosted its stake in shares of Praxis Precision Medicines by 592.6% during the 4th quarter. Barclays PLC now owns 530,751 shares of the company’s stock worth $156,434,000 after acquiring an additional 454,114 shares in the last quarter. Baker BROS. Advisors LP boosted its stake in shares of Praxis Precision Medicines by 63.4% during the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock worth $332,021,000 after acquiring an additional 437,000 shares in the last quarter. Finally, Perceptive Advisors LLC boosted its stake in shares of Praxis Precision Medicines by 27.6% during the 4th quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock worth $588,297,000 after acquiring an additional 431,432 shares in 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.