Praxis Precision Medicines (NASDAQ:PRAX) Price Target Raised to $77.00 at Wedbush

Praxis Precision Medicines (NASDAQ:PRAX) had its price target raised by Wedbush from $73.00 to $77.00 in a report issued on Thursday,Benzinga reports. They currently have an underperform rating on the stock.

Several other brokerages have also recently commented on PRAX. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $280.00 target price (up from $65.00) on shares of Praxis Precision Medicines in a report on Friday, October 17th. Guggenheim set a $350.00 price target on Praxis Precision Medicines and gave the stock a “buy” rating in a research report on Thursday, October 16th. Jones Trading began coverage on Praxis Precision Medicines in a report on Thursday, September 18th. They issued a “buy” rating and a $83.00 price objective for the company. HC Wainwright upped their target price on Praxis Precision Medicines from $115.00 to $232.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $240.00.

Praxis Precision Medicines Trading Down 2.4%

Shares of NASDAQ PRAX traded down $4.13 during mid-day trading on Thursday, reaching $168.22. 514,998 shares of the company’s stock were exchanged, compared to its average volume of 1,597,101. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $206.71. The business has a fifty day simple moving average of $91.13 and a 200 day simple moving average of $60.71.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.45) by $0.09. Sell-side analysts anticipate that Praxis Precision Medicines will post -10.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently bought and sold shares of PRAX. Adage Capital Partners GP L.L.C. raised its stake in Praxis Precision Medicines by 13.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock worth $83,031,000 after buying an additional 231,827 shares during the last quarter. Cormorant Asset Management LP grew its holdings in Praxis Precision Medicines by 3.1% during the 1st quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company’s stock worth $66,083,000 after acquiring an additional 51,781 shares during the period. Vanguard Group Inc. raised its position in shares of Praxis Precision Medicines by 4.2% in the 3rd quarter. Vanguard Group Inc. now owns 1,267,286 shares of the company’s stock worth $67,166,000 after acquiring an additional 51,642 shares in the last quarter. Assenagon Asset Management S.A. raised its position 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 worth $25,411,000 after acquiring an additional 96,898 shares in the last quarter. Finally, Driehaus Capital Management LLC lifted its stake 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 purchasing an additional 316,686 shares during the period. Institutional investors own 67.84% of the company’s stock.

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.