Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Target Cut by Wells Fargo & Company

Praxis Precision Medicines (NASDAQ:PRAX) had its price target cut by research analysts at Wells Fargo & Company from $362.00 to $343.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 1.78% from the company’s previous close.

Several other brokerages have also recently issued reports on PRAX. UBS Group began coverage on shares of Praxis Precision Medicines in a research note on Wednesday, October 14th. They set a “buy” rating and a $706.00 price objective for the company. Wall Street Zen downgraded Praxis Precision Medicines from a “hold” rating to a “sell” rating in a research report on Saturday, October 17th. Piper Sandler restated an “overweight” rating on shares of Praxis Precision Medicines in a research note on Monday, July 13th. JPMorgan Chase & Co. started coverage on Praxis Precision Medicines in a report on Friday, October 16th. They issued an “overweight” rating and a $700.00 price objective on the stock. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $462.00 price objective (up from $449.00) on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $629.42.

Praxis Precision Medicines Stock Performance

PRAX stock traded up $4.04 during trading on Tuesday, reaching $337.01. 31,075 shares of the company were exchanged, compared to its average volume of 466,398. The stock’s 50 day moving average price is $291.50 and its 200 day moving average price is $313.82. Praxis Precision Medicines has a 52-week low of $160.11 and a 52-week high of $392.70. The company has a market cap of $9.41 billion, a P/E ratio of -26.27 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Monday, November 9th. The company reported ($3.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.54) by $0.31. As a group, equities research analysts forecast that Praxis Precision Medicines will post -14.15 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC boosted its holdings in shares of Praxis Precision Medicines by 10.3% during the second quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock worth $111,000 after purchasing an additional 31 shares during the period. KBC Group NV increased its position in Praxis Precision Medicines by 5.8% during the first quarter. KBC Group NV now owns 715 shares of the company’s stock worth $230,000 after buying an additional 39 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Praxis Precision Medicines by 0.9% in the third quarter. Nisa Investment Advisors LLC now owns 6,167 shares of the company’s stock worth $1,796,000 after buying an additional 56 shares during the last quarter. Carl P. Sherr & Co. LLC lifted its position in shares of Praxis Precision Medicines by 8.4% in the first quarter. Carl P. Sherr & Co. LLC now owns 972 shares of the company’s stock worth $313,000 after buying an additional 75 shares during the last quarter. Finally, Eagle Bay Advisors LLC boosted its stake in shares of Praxis Precision Medicines by 11.3% during the 3rd quarter. Eagle Bay Advisors LLC now owns 1,064 shares of the company’s stock worth $310,000 after acquiring an additional 108 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines News Roundup

Here are the key news stories impacting Praxis Precision Medicines this week:

• Positive Sentiment: Praxis reported a third-quarter loss of $3.23 per share, narrower than analysts’ expected loss of $3.54. The company also issued a corporate update alongside its results. Corporate update and third-quarter results Earnings information
• Positive Sentiment: Analyst coverage was supportive: BTIG reaffirmed its “buy” rating with an $826 price target, and a separate report put the average analyst target at $630.42. These targets suggest substantial upside from the prices cited in the reports. Analyst average price target
• Negative Sentiment: A report characterized PRAX as expensive relative to its book value, highlighting a valuation concern that could temper investor enthusiasm. Valuation relative to book value

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on developing treatments for neurological and psychiatric disorders. The company applies neuroscience and precision-medicine research to conditions involving abnormalities in brain circuits and neuronal activity.

Its investigational programs have included small-molecule therapies for disorders such as essential tremor and epilepsy, as well as genetic-medicine approaches for certain rare neurological conditions.