Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Stock Has Average Price Target of $610.95

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been assigned an average rating of “Moderate Buy” from the twenty-two research firms that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $630.42.

A number of equities analysts recently weighed in on the company. Raymond James Financial reiterated a “strong-buy” rating and issued a $945.00 price target on shares of Praxis Precision Medicines in a research report on Monday, August 17th. The Goldman Sachs Group restated a “buy” rating and set a $575.00 price objective (up from $470.00) on shares of Praxis Precision Medicines in a report on Friday, August 21st. UBS Group assumed coverage on Praxis Precision Medicines in a report on Wednesday. They set a “buy” rating and a $706.00 price objective on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $462.00 price objective (up from $449.00) on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Finally, Wall Street Zen cut shares of Praxis Precision Medicines from a “hold” rating to a “sell” rating in a report on Saturday.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of large investors have recently made changes to their positions in the company. Seven Fleet Capital Management LP acquired a new position in Praxis Precision Medicines in the 2nd quarter worth approximately $2,524,000. Swiss National Bank grew its position in Praxis Precision Medicines by 15.3% during the 1st quarter. Swiss National Bank now owns 46,700 shares of the company’s stock worth $15,046,000 after purchasing an additional 6,200 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Praxis Precision Medicines during the 2nd quarter worth approximately $2,698,000. Orbimed Advisors LLC grew its position in Praxis Precision Medicines by 82.5% during the 1st quarter. Orbimed Advisors LLC now owns 172,500 shares of the company’s stock worth $55,578,000 after purchasing an additional 78,000 shares in the last quarter. Finally, Fifth Third Bancorp acquired a new stake in Praxis Precision Medicines during the 1st quarter valued at $1,156,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

Shares of NASDAQ PRAX opened at $241.76 on Friday. The stock has a market capitalization of $6.75 billion, a price-to-earnings ratio of -18.70 and a beta of 2.79. The stock’s fifty day simple moving average is $321.69 and its 200 day simple moving average is $318.60. Praxis Precision Medicines has a 52-week low of $154.45 and a 52-week high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.67) by $0.80. As a group, analysts anticipate that Praxis Precision Medicines will post -13.90 earnings per share for the current year.

Praxis Precision Medicines Company Profile

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.