Praxis Precision Medicines (NASDAQ:PRAX) Raised to Moderate Buy at Royal Bank Of Canada

Praxis Precision Medicines (NASDAQ:PRAX) was upgraded by stock analysts at Royal Bank Of Canada to a “moderate buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other research firms have also issued reports on PRAX. Robert W. Baird reduced their target price on Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” 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 report on Tuesday, June 2nd. Raymond James Financial started 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. Wolfe Research initiated coverage on shares of Praxis Precision Medicines in a research report on Monday, February 23rd. They issued an “outperform” rating and a $500.00 price objective on the stock. Finally, BTIG Research reiterated a “buy” rating and issued a $810.00 target price (down from $843.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $566.21.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock opened at $282.31 on Wednesday. Praxis Precision Medicines has a fifty-two week low of $37.19 and a fifty-two week high of $366.52. The stock has a market cap of $7.87 billion, a PE ratio of -21.12 and a beta of 2.71. The firm’s 50-day simple moving average is $316.05 and its 200 day simple moving average is $303.57.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data 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, analysts predict that Praxis Precision Medicines will post -14.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Praxis Precision Medicines by 5.1% during the first 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Praxis Precision Medicines by 367.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company’s stock valued at $3,298,000 after purchasing an additional 68,466 shares during the period. Creative Planning purchased a new stake in shares of Praxis Precision Medicines during the 2nd quarter valued at approximately $273,000. JPMorgan Chase & Co. lifted its stake in shares of Praxis Precision Medicines by 21.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 13,938 shares of the company’s stock valued at $586,000 after buying an additional 2,459 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in Praxis Precision Medicines by 15.7% in the 2nd quarter. Legal & General Group Plc now owns 16,670 shares of the company’s stock worth $701,000 after buying an additional 2,261 shares during the period. 67.84% of the stock is currently owned by institutional investors.

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.