JPMorgan Chase & Co. Initiates Coverage on Praxis Precision Medicines (NASDAQ:PRAX)

JPMorgan Chase & Co. started coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note issued on Friday, Briefing.com reports. The brokerage set an “overweight” rating and a $700.00 price target on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 181.99% from the company’s previous close.

A number of other research firms have also recently commented on PRAX. HC Wainwright reissued a “buy” rating and set a $1,201.00 price target on shares of Praxis Precision Medicines in a report on Thursday. UBS Group began coverage on Praxis Precision Medicines in a research note on Wednesday. They issued a “buy” rating and a $706.00 price objective on the stock. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $945.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, August 17th. Robert W. Baird set a $514.00 price target on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Finally, Wells Fargo & Company restated a “positive” rating and issued a $362.00 target price (up from $323.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $615.40.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX opened at $248.24 on Friday. Praxis Precision Medicines has a 1 year low of $154.45 and a 1 year high of $392.70. The stock has a market capitalization of $6.93 billion, a price-to-earnings ratio of -19.20 and a beta of 2.79. The company’s 50 day simple moving average is $324.07 and its 200 day simple moving average is $318.85.

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

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRAX. Avior Wealth Management LLC bought a new stake in shares of Praxis Precision Medicines in the third quarter worth $227,000. GAMMA Investing LLC raised its position in Praxis Precision Medicines by 30.1% during the 3rd quarter. GAMMA Investing LLC now owns 432 shares of the company’s stock worth $126,000 after purchasing an additional 100 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Praxis Precision Medicines during the 2nd quarter worth $38,000. Nykredit A S acquired a new position in Praxis Precision Medicines during the 2nd quarter worth about $261,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Praxis Precision Medicines during the 2nd quarter worth about $2,698,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.