Praxis Precision Medicines’ (PRAX) “Buy” Rating Reiterated at BTIG Research
by Mitch Edgeman · The Markets DailyBTIG Research restated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX – Free Report) in a research note issued to investors on Monday morning,Benzinga reports. They currently have a $843.00 target price on the stock.
Several other research firms also recently issued reports on PRAX. Truist Financial raised Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, March 25th. Wolfe Research assumed coverage on Praxis Precision Medicines in a research note on Monday, February 23rd. They issued an “outperform” rating and a $500.00 price objective for the company. Wells Fargo & Company set a $305.00 price objective on Praxis Precision Medicines and gave the company an “equal weight” rating in a research note on Friday, February 20th. Robert W. Baird set a $433.00 price objective on Praxis Precision Medicines and gave the company an “outperform” rating in a research note on Friday, February 20th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Praxis Precision Medicines in a research note on Monday, December 29th. Four investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Praxis Precision Medicines currently has a consensus rating of “Moderate Buy” and a consensus price target of $576.12.
Read Our Latest Stock Report on Praxis Precision Medicines
Praxis Precision Medicines Trading Up 4.4%
Shares of NASDAQ PRAX opened at $320.22 on Monday. The company has a market cap of $8.92 billion, a price-to-earnings ratio of -23.79 and a beta of 2.94. Praxis Precision Medicines has a 12 month low of $26.70 and a 12 month high of $356.00. The stock has a 50-day moving average price of $314.22 and a two-hundred day moving average price of $240.66.
Praxis Precision Medicines (NASDAQ:PRAX – Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The company reported ($3.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($3.00) by ($0.50). On average, sell-side analysts predict that Praxis Precision Medicines will post -10.22 earnings per share for the current year.
Institutional Trading of Praxis Precision Medicines
Several institutional investors have recently added to or reduced their stakes in PRAX. NBC Securities Inc. bought a new stake in Praxis Precision Medicines in the fourth quarter valued at approximately $38,000. Danske Bank A S bought a new stake in Praxis Precision Medicines in the fourth quarter valued at approximately $59,000. GAMMA Investing LLC boosted its holdings in Praxis Precision Medicines by 58.7% in the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after acquiring an additional 88 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in Praxis Precision Medicines by 24.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after acquiring an additional 359 shares during the last quarter. Finally, AlphaQuest LLC boosted its holdings in Praxis Precision Medicines by 1,623.3% in the third quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock valued at $106,000 after acquiring an additional 1,883 shares during the last quarter. 67.84% of the stock is currently owned by institutional investors.
Praxis Precision Medicines Company Profile
Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.
The company’s pipeline includes several lead candidates at various stages of development.