Praxis Precision Medicines (NASDAQ:PRAX) Raised to Strong-Buy at Truist Financial

Praxis Precision Medicines (NASDAQ:PRAX) was upgraded by equities researchers at Truist Financial to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other research firms also recently commented on PRAX. UBS Group set a $750.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, December 15th. Needham & Company LLC lifted their target price on Praxis Precision Medicines from $460.00 to $510.00 and gave the company a “buy” rating in a research report on Wednesday, February 4th. Wells Fargo & Company set a $305.00 target price on Praxis Precision Medicines and gave the stock an “equal weight” rating in a report on Friday, February 20th. Oppenheimer reissued an “outperform” rating and set a $750.00 price target (up from $250.00) on shares of Praxis Precision Medicines in a research report on Monday, December 15th. Finally, Robert W. Baird set a $433.00 price target on Praxis Precision Medicines and gave the company an “outperform” rating in a research note on Friday, February 20th. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and a consensus price target of $576.12.

Praxis Precision Medicines Stock Up 5.9%

Shares of PRAX stock opened at $311.92 on Wednesday. Praxis Precision Medicines has a 12 month low of $26.70 and a 12 month high of $356.00. The company’s fifty day simple moving average is $314.92 and its 200-day simple moving average is $222.09. The firm has a market cap of $8.69 billion, a PE ratio of -23.17 and a beta of 2.86.

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

Institutional Trading of Praxis Precision Medicines

Several institutional investors and hedge funds have recently bought and sold shares of PRAX. Seven Fleet Capital Management LP bought a new position in shares of Praxis Precision Medicines during the 4th quarter worth approximately $796,000. T. Rowe Price Investment Management Inc. bought a new stake in Praxis Precision Medicines in the 4th quarter valued at $81,464,000. Invesco Ltd. raised its stake in Praxis Precision Medicines by 269.4% in the 4th quarter. Invesco Ltd. now owns 77,088 shares of the company’s stock valued at $22,721,000 after acquiring an additional 56,220 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in Praxis Precision Medicines during the 4th quarter valued at $357,000. Finally, Mackenzie Financial Corp bought a new position in Praxis Precision Medicines during the fourth quarter worth $415,000. 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.