Praxis Precision Medicines (NASDAQ:PRAX) Upgraded by Wolfe Research to Strong-Buy Rating

Wolfe Research upgraded shares of Praxis Precision Medicines (NASDAQ:PRAX) to a strong-buy rating in a report released on Monday morning,Zacks.com reports.

Other research analysts have also issued reports about the stock. Guggenheim reissued a “buy” rating and set a $800.00 price target (up from $760.00) on shares of Praxis Precision Medicines in a research report on Tuesday, February 10th. BTIG Research reissued a “buy” rating and set a $843.00 target price (up from $507.00) on shares of Praxis Precision Medicines in a research report on Monday, December 29th. Piper Sandler reaffirmed an “overweight” rating and issued a $1,200.00 target price (up from $450.00) on shares of Praxis Precision Medicines in a report on Wednesday, January 28th. HC Wainwright reaffirmed a “buy” rating and set a $1,245.00 price target (up from $340.00) on shares of Praxis Precision Medicines in a research report on Friday, January 30th. Finally, Oppenheimer reissued an “outperform” rating and issued a $750.00 price objective (up from $250.00) on shares of Praxis Precision Medicines in a research report on Monday, December 15th. Four analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and a consensus price target of $576.12.

Praxis Precision Medicines Stock Up 0.1%

PRAX stock opened at $342.71 on Monday. The firm has a market capitalization of $9.54 billion, a PE ratio of -25.46 and a beta of 2.84. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $356.00. The stock’s 50 day moving average is $303.28 and its 200-day moving average is $184.26.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Thursday, February 19th. The company reported ($3.50) EPS for the quarter, missing analysts’ consensus estimates of ($3.00) by ($0.50). On average, equities research analysts anticipate that Praxis Precision Medicines will post -10.22 earnings per share for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Hedge funds have recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. bought a new position in shares of Praxis Precision Medicines during the 4th quarter worth $81,464,000. Invesco Ltd. lifted its holdings in Praxis Precision Medicines by 269.4% during the fourth quarter. Invesco Ltd. now owns 77,088 shares of the company’s stock valued at $22,721,000 after purchasing an additional 56,220 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in Praxis Precision Medicines during the fourth quarter valued at about $357,000. Mackenzie Financial Corp bought a new position in Praxis Precision Medicines during the fourth quarter worth about $415,000. Finally, Coastal Bridge Advisors LLC increased its stake in shares of Praxis Precision Medicines by 8.0% in the fourth quarter. Coastal Bridge Advisors LLC now owns 4,154 shares of the company’s stock worth $1,224,000 after purchasing an additional 308 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors.

About Praxis Precision Medicines

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.