Praxis Precision Medicines (NASDAQ:PRAX) Stock Moved Down to Sell by Wall Street Zen

Wall Street Zen cut shares of Praxis Precision Medicines (NASDAQ:PRAX) from a hold rating to a sell rating in a report issued on Saturday morning,Wall Street Zen reports.

A number of other analysts have also issued reports on the stock. Royal Bank Of Canada reiterated an “outperform” rating and set a $462.00 price target (up from $449.00) on shares of Praxis Precision Medicines in a research note on Friday, August 7th. BTIG Research raised their price objective on shares of Praxis Precision Medicines from $810.00 to $826.00 and gave the company a “buy” rating in a research note on Tuesday, October 6th. The Goldman Sachs Group reissued a “buy” rating and issued a $575.00 price objective (up from $470.00) on shares of Praxis Precision Medicines in a research note on Friday, August 21st. JPMorgan Chase & Co. assumed coverage on shares of Praxis Precision Medicines in a report on Friday. They issued an “overweight” rating and a $700.00 price objective for the company. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Praxis Precision Medicines in a research note on Monday, July 13th. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $630.42.

Praxis Precision Medicines Trading Down 2.6%

PRAX stock opened at $241.76 on Friday. The company has a market capitalization of $6.75 billion, a PE ratio of -18.70 and a beta of 2.79. Praxis Precision Medicines has a 12-month low of $154.45 and a 12-month high of $392.70. The business’s fifty day moving average price is $321.69 and its 200 day moving average price is $318.31.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.67) by $0.80. Research analysts predict that Praxis Precision Medicines will post -13.90 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PRAX. Janus Henderson Group PLC increased its holdings in Praxis Precision Medicines by 6.8% during the 1st quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock worth $1,113,514,000 after purchasing an additional 218,777 shares during the period. Perceptive Advisors LLC raised its position in Praxis Precision Medicines by 2.0% in the 1st quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock valued at $655,974,000 after purchasing an additional 40,000 shares in the last quarter. Bank of America Corp DE grew its position in shares of Praxis Precision Medicines by 2.3% during the first quarter. Bank of America Corp DE now owns 534,604 shares of the company’s stock worth $172,244,000 after buying an additional 11,841 shares in the last quarter. Vivo Capital LLC increased its stake in shares of Praxis Precision Medicines by 3.0% during the first quarter. Vivo Capital LLC now owns 338,895 shares of the company’s stock worth $109,189,000 after buying an additional 10,000 shares during the period. Finally, Pictet Asset Management Holding SA increased its stake in shares of Praxis Precision Medicines by 19.1% during the first quarter. Pictet Asset Management Holding SA now owns 286,644 shares of the company’s stock worth $91,428,000 after buying an additional 46,056 shares during the period. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Key Praxis Precision Medicines News

Here are the key news stories impacting Praxis Precision Medicines this week:

• Positive Sentiment: JPMorgan initiated coverage with an Overweight rating and a $700 price target, implying substantial upside from the reference price and providing a strong endorsement of Praxis’s prospects. JPMorgan Initiates Praxis Precision Medicines at Overweight With $700 Price Target
• Positive Sentiment: UBS initiated coverage with a Buy rating, adding another major-bank endorsement and potentially improving institutional awareness of PRAX. UBS Initiates Coverage of Praxis Precision Medicines With Buy
• Positive Sentiment: HC Wainwright reaffirmed its Buy rating, signaling that the firm continues to view Praxis favorably. HC Wainwright Reaffirms Buy Rating for Praxis Precision Medicines
• Positive Sentiment: Analyst coverage remains favorable overall, with PRAX reported to have a consensus price target of $610.95, substantially above the reference price. Praxis Precision Medicines Stock Has Consensus Price Target of $610.95
• Neutral Sentiment: Praxis received another new rating from a top analyst, adding to the expanding sell-side coverage, though the available report does not specify the rating or price target. Praxis Precision Medicines Receives a New Rating From a Top Analyst
• Negative Sentiment: Wall Street Zen cut PRAX to “Sell,” creating a notable bearish counterpoint to the major-bank upgrades and potentially weighing on sentiment among short-term investors. Praxis Precision Medicines Stock Rating Cut to Sell at Wall Street Zen

About Praxis Precision Medicines

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for central nervous system disorders. The company uses insights from human genetics, neuroscience and its Cerebrum™ platform to identify and advance medicines for conditions in which existing treatment options may be limited.

Praxis’ pipeline has included investigational treatments for epilepsies and other neurological disorders, including developmental and epileptic encephalopathies, essential tremor and movement-related conditions.