Praxis Precision Medicines (NASDAQ:PRAX) Upgraded at Truist Financial

Truist Financial upgraded shares of Praxis Precision Medicines (NASDAQ:PRAX) to a strong-buy rating in a report issued on Wednesday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $412.00 price target on shares of Praxis Precision Medicines in a research note on Friday, February 20th. Needham & Company LLC lifted their target price on shares of Praxis Precision Medicines from $460.00 to $510.00 and gave the company a “buy” rating in a research note on Wednesday, February 4th. Weiss Ratings reissued a “sell (e+)” rating on shares of Praxis Precision Medicines in a research report on Monday, December 29th. Wedbush increased their price target on shares of Praxis Precision Medicines from $95.00 to $130.00 and gave the stock an “underperform” rating in a research note on Friday, February 20th. Finally, Jefferies Financial Group restated a “buy” rating and set a $450.00 price target (up from $300.00) on shares of Praxis Precision Medicines in a report on Tuesday, December 9th. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $576.12.

Praxis Precision Medicines Trading Down 4.2%

Shares of NASDAQ:PRAX opened at $290.10 on Wednesday. The firm has a market cap of $8.08 billion, a price-to-earnings ratio of -21.55 and a beta of 2.86. Praxis Precision Medicines has a 1 year low of $26.70 and a 1 year high of $356.00. The business has a fifty day simple moving average of $314.48 and a 200 day simple moving average of $224.38.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its 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, sell-side analysts forecast that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of large investors have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. grew its holdings in Praxis Precision Medicines by 8.2% during the fourth quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock valued at $144,000 after purchasing an additional 37 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Praxis Precision Medicines by 58.7% in the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after buying an additional 88 shares during the last quarter. CWM LLC boosted its holdings in shares of Praxis Precision Medicines by 15.5% during the 4th quarter. CWM LLC now owns 874 shares of the company’s stock worth $258,000 after buying an additional 117 shares during the period. NBC Securities Inc. bought a new stake in shares of Praxis Precision Medicines during the 4th quarter worth $38,000. Finally, Farther Finance Advisors LLC grew its stake in Praxis Precision Medicines by 60.0% in the 4th quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock valued at $108,000 after buying an additional 138 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

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.