Deutsche Bank Aktiengesellschaft Begins Coverage on Praxis Precision Medicines (NASDAQ:PRAX)

Equities research analysts at Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) in a research note issued on Tuesday, MarketBeat reports. The firm set a "buy" rating and a $111.00 price target on the stock. Deutsche Bank Aktiengesellschaft's price objective would indicate a potential upside of 24.39% from the company's previous close.

Several other research firms have also issued reports on PRAX. HC Wainwright restated a "buy" rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Truist Financial lifted their price target on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a "buy" rating in a research note on Tuesday, January 21st. Oppenheimer lifted their target price on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC reiterated a "buy" rating and set a $150.00 price target on shares of Praxis Precision Medicines in a report on Monday. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $145.20.

Praxis Precision Medicines Trading Up 3.0 %

Shares of NASDAQ:PRAX traded up $2.57 during midday trading on Tuesday, hitting $89.23. The company had a trading volume of 368,677 shares, compared to its average volume of 362,920. Praxis Precision Medicines has a 12 month low of $33.01 and a 12 month high of $90.33. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of -8.66 and a beta of 2.65. The firm has a fifty day simple moving average of $75.96 and a 200 day simple moving average of $68.15.

Institutional Investors Weigh In On Praxis Precision Medicines

Several institutional investors have recently made changes to their positions in the stock. Arizona State Retirement System boosted its stake in shares of Praxis Precision Medicines by 4.2% in the fourth quarter. Arizona State Retirement System now owns 3,851 shares of the company's stock valued at $296,000 after buying an additional 156 shares during the period. JPMorgan Chase & Co. raised its position in Praxis Precision Medicines by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company's stock valued at $450,000 after purchasing an additional 448 shares in the last quarter. MetLife Investment Management LLC raised its position in Praxis Precision Medicines by 5.4% during the fourth quarter. MetLife Investment Management LLC now owns 10,675 shares of the company's stock valued at $822,000 after purchasing an additional 544 shares in the last quarter. US Bancorp DE raised its position in Praxis Precision Medicines by 35.9% during the third quarter. US Bancorp DE now owns 2,289 shares of the company's stock valued at $132,000 after purchasing an additional 605 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Praxis Precision Medicines during the fourth quarter valued at approximately $48,000. 67.84% of the stock is currently owned by institutional investors.

About Praxis Precision Medicines

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.