Praxis Precision Medicines (NASDAQ:PRAX) Hits New 1-Year High After Analyst Upgrade

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares reached a new 52-week high on Wednesday after Truist Financial raised their price target on the stock from $700.00 to $715.00. Truist Financial currently has a buy rating on the stock. Praxis Precision Medicines traded as high as $358.01 and last traded at $343.4050, with a volume of 49254 shares. The stock had previously closed at $343.20.

A number of other analysts also recently commented on PRAX. Jefferies Financial Group reissued a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, May 7th. Piper Sandler reaffirmed an “overweight” rating and set a $1,200.00 target price (up from $450.00) on shares of Praxis Precision Medicines in a research note on Wednesday, January 28th. Deutsche Bank Aktiengesellschaft set a $420.00 target price on Praxis Precision Medicines in a report on Friday, May 8th. HC Wainwright reiterated a “buy” rating and issued a $1,245.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, April 7th. Finally, TD Cowen restated a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, January 29th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $592.67.

More Praxis Precision Medicines News

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

• Positive Sentiment: Truist Financial raised its price target on PRAX to $715 from $700 and kept a Buy rating, signaling continued confidence in the company’s upside. Benzinga report
• Positive Sentiment: HC Wainwright maintained a Buy rating and $1,245 price target, and also lifted its longer-term FY2028 and FY2029 earnings estimates, which may have helped sentiment around the stock’s long-term potential.
• Neutral Sentiment: Praxis Precision Medicines presented at the Bank of America Global Healthcare Conference, keeping investor attention on its pipeline and launch plans. Conference transcript
• Neutral Sentiment: The company’s recent earnings call highlighted its “high-stakes launch path,” suggesting investors are focused on upcoming commercialization and execution milestones. TipRanks article
• Negative Sentiment: Several analysts cut near-term 2026 EPS estimates, including Lifesci Capital and HC Wainwright, reflecting continued expectations for heavy losses in the coming quarters.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC raised its position in shares of Praxis Precision Medicines by 17.2% during the fourth quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock worth $954,834,000 after purchasing an additional 476,227 shares during the period. Perceptive Advisors LLC boosted its position in shares of Praxis Precision Medicines by 27.6% in the 4th quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock valued at $588,297,000 after purchasing an additional 431,432 shares during the period. Adage Capital Partners GP L.L.C. increased its stake in Praxis Precision Medicines by 13.3% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock worth $83,031,000 after purchasing an additional 231,827 shares in the last quarter. Vanguard Group Inc. raised its holdings in Praxis Precision Medicines by 15.3% during the 4th quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company’s stock worth $430,595,000 after buying an additional 193,647 shares during the period. Finally, Orbis Allan Gray Ltd acquired a new stake in Praxis Precision Medicines during the 4th quarter worth about $369,946,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Down 0.9%

The business’s 50 day simple moving average is $317.39 and its 200 day simple moving average is $280.77. The company has a market capitalization of $9.49 billion, a PE ratio of -25.53 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, topping the consensus estimate of ($3.58) by $0.38. On average, analysts anticipate that Praxis Precision Medicines, Inc. will post -15.28 earnings per share for the current fiscal year.

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.