Praxis Precision Medicines (NASDAQ:PRAX) Given “Buy” Rating at BTIG Research

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reiterated by equities research analysts at BTIG Research in a report issued on Monday,Benzinga reports. They presently have a $843.00 target price on the stock. BTIG Research’s target price points to a potential upside of 168.43% from the company’s current price.

A number of other research firms have also recently issued reports on PRAX. TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, January 29th. Guggenheim restated a “buy” rating and set a $800.00 target price (up from $760.00) on shares of Praxis Precision Medicines in a research report on Tuesday, February 10th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $412.00 price objective on shares of Praxis Precision Medicines in a research report on Friday, February 20th. Wedbush raised their target price on shares of Praxis Precision Medicines from $95.00 to $130.00 and gave the stock an “underperform” rating in a report on Friday, February 20th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $1,245.00 price objective (up from $340.00) on shares of Praxis Precision Medicines in a research report on Friday, January 30th. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $576.12.

Praxis Precision Medicines Stock Up 1.2%

Praxis Precision Medicines stock traded up $3.67 during trading hours on Monday, hitting $314.05. The stock had a trading volume of 105,789 shares, compared to its average volume of 482,453. The company has a 50-day moving average of $313.85 and a two-hundred day moving average of $236.37. The company has a market cap of $8.75 billion, a PE ratio of -23.34 and a beta of 2.94. Praxis Precision Medicines has a fifty-two week low of $26.70 and a fifty-two week high of $356.00.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Thursday, February 19th. The company reported ($3.50) earnings per share for the quarter, missing the consensus estimate of ($3.00) by ($0.50). As a group, analysts forecast that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds have recently added to or reduced their stakes in PRAX. NBC Securities Inc. acquired a new position in Praxis Precision Medicines in the 4th quarter valued at about $38,000. Danske Bank A S acquired a new stake in Praxis Precision Medicines during the fourth quarter worth about $59,000. GAMMA Investing LLC increased its stake in Praxis Precision Medicines by 58.7% in the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after acquiring an additional 88 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Praxis Precision Medicines by 60.0% in the 4th quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock valued at $108,000 after purchasing an additional 138 shares during the last quarter. Finally, GF Fund Management CO. LTD. raised its stake in Praxis Precision Medicines by 8.2% during the fourth quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock worth $144,000 after acquiring an additional 37 shares in the last quarter. Institutional investors and hedge funds 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.