Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives $123.80 Average PT from Brokerages

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) have been given an average recommendation of "Moderate Buy" by the ten research firms that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation and nine have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $123.80.

Several equities analysts recently weighed in on PRAX shares. Truist Financial reduced their price target on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating for the company in a research report on Monday, March 3rd. Wedbush downgraded shares of Praxis Precision Medicines from a "hold" rating to a "strong sell" rating in a research report on Friday, February 28th. Robert W. Baird lowered their price target on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. HC Wainwright reduced their price objective on Praxis Precision Medicines from $120.00 to $105.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. Finally, Needham & Company LLC reduced their price target on Praxis Precision Medicines from $150.00 to $85.00 and set a "buy" rating for the company in a research report on Monday, March 3rd.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PRAX. CIBC Asset Management Inc increased its position in shares of Praxis Precision Medicines by 47.3% during the fourth quarter. CIBC Asset Management Inc now owns 366,756 shares of the company's stock worth $28,226,000 after purchasing an additional 117,817 shares in the last quarter. Barclays PLC raised its position in shares of Praxis Precision Medicines by 126.8% in the third quarter. Barclays PLC now owns 37,130 shares of the company's stock valued at $2,136,000 after buying an additional 20,759 shares during the last quarter. Franklin Resources Inc. grew its stake in Praxis Precision Medicines by 85.6% during the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company's stock valued at $25,619,000 after acquiring an additional 205,335 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Praxis Precision Medicines by 369.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company's stock valued at $548,000 after acquiring an additional 7,496 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. purchased a new position in Praxis Precision Medicines during the fourth quarter worth approximately $304,000. Institutional investors and hedge funds own 67.84% of the company's stock.

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Praxis Precision Medicines Trading Down 1.5 %

Shares of NASDAQ PRAX traded down $0.57 during midday trading on Thursday, reaching $37.12. The company had a trading volume of 268,652 shares, compared to its average volume of 352,995. Praxis Precision Medicines has a 1 year low of $30.01 and a 1 year high of $91.83. The business's 50-day simple moving average is $64.56 and its 200 day simple moving average is $68.08. The stock has a market cap of $748.45 million, a P/E ratio of -3.60 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its earnings results on Friday, February 28th. The company reported ($2.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.76) by ($0.18). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The firm had revenue of $7.48 million during the quarter, compared to analyst estimates of $0.36 million. Analysts predict that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.