Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Target Raised at BTIG Research

Praxis Precision Medicines (NASDAQ:PRAX) had its target price boosted by BTIG Research from $810.00 to $826.00 in a research report released on Tuesday morning,Benzinga reports. BTIG Research currently has a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. Raymond James Financial restated a “strong-buy” rating and set a $945.00 price objective on shares of Praxis Precision Medicines in a report on Monday, August 17th. Wall Street Zen upgraded shares of Praxis Precision Medicines from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Needham & Company LLC reissued a “buy” rating and set a $582.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, September 24th. Robert W. Baird set a $514.00 price target on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Praxis Precision Medicines in a report on Monday, July 13th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $613.26.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX opened at $280.14 on Tuesday. The business’s 50-day moving average is $332.63 and its 200 day moving average is $321.00. Praxis Precision Medicines has a 1 year low of $50.31 and a 1 year high of $392.70. The firm has a market capitalization of $7.82 billion, a P/E ratio of -21.67 and a beta of 2.79.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, beating analysts’ consensus estimates of ($3.67) by $0.80. On average, analysts expect that Praxis Precision Medicines will post -13.9 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PRAX. Janus Henderson Group PLC increased its holdings in Praxis Precision Medicines by 17.2% in the fourth quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock valued at $954,834,000 after buying an additional 476,227 shares in the last quarter. Barclays PLC raised its position in shares of Praxis Precision Medicines by 592.6% in the fourth quarter. Barclays PLC now owns 530,751 shares of the company’s stock worth $156,434,000 after acquiring an additional 454,114 shares during the period. Baker BROS. Advisors LP boosted its stake in shares of Praxis Precision Medicines by 63.4% during the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock worth $332,021,000 after acquiring an additional 437,000 shares in the last quarter. Perceptive Advisors LLC boosted its stake in shares of Praxis Precision Medicines by 27.6% during the 4th quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock worth $588,297,000 after acquiring an additional 431,432 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Praxis Precision Medicines during the 2nd quarter valued at about $28,583,000. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.