Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) have received an average rating of "Moderate Buy" from the nine brokerages that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation and eight have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $123.33.

A number of research analysts have recently issued reports on PRAX shares. Robert W. Baird reduced 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 research report on Monday, March 3rd. Truist Financial decreased their target price on Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. Needham & Company LLC reaffirmed a "buy" rating and set a $85.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, April 8th. HC Wainwright cut their price target on Praxis Precision Medicines from $120.00 to $105.00 and set a "buy" rating on the stock in a report on Monday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft started coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a "buy" rating and a $111.00 price objective for the company.

Praxis Precision Medicines Price Performance

NASDAQ:PRAX traded up $3.96 during mid-day trading on Monday, reaching $33.79. The stock had a trading volume of 450,983 shares, compared to its average volume of 377,541. The company has a market capitalization of $681.31 million, a price-to-earnings ratio of -3.28 and a beta of 2.66. Praxis Precision Medicines has a 1-year low of $26.70 and a 1-year high of $91.83. The stock's 50 day simple moving average is $45.31 and its two-hundred day simple moving average is $64.10.

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

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. CIBC Asset Management Inc increased its stake in Praxis Precision Medicines by 47.3% during the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company's stock valued at $28,226,000 after buying an additional 117,817 shares during the period. Barclays PLC boosted its holdings 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 acquiring an additional 20,759 shares in the last quarter. Franklin Resources Inc. raised its holdings in Praxis Precision Medicines by 85.6% during the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company's stock worth $25,619,000 after purchasing an additional 205,335 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new stake in Praxis Precision Medicines in the fourth quarter worth approximately $304,000. Finally, Geode Capital Management LLC lifted its position in Praxis Precision Medicines by 1.0% in the third quarter. Geode Capital Management LLC now owns 398,838 shares of the company's stock worth $22,954,000 after purchasing an additional 3,779 shares during the period. 67.84% of the stock is currently owned by institutional investors.

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.