BTIG Research Reaffirms “Buy” Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating restated by stock analysts at BTIG Research in a report issued on Wednesday,Benzinga reports. They currently have a $843.00 price objective on the stock. BTIG Research’s target price points to a potential upside of 162.94% from the company’s previous close.

A number of other brokerages have also commented on PRAX. TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, January 29th. Wedbush raised their price objective on Praxis Precision Medicines from $130.00 to $166.00 and gave the company an “underperform” rating in a research note on Friday, May 8th. HC Wainwright restated a “buy” rating and set a $1,245.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, April 7th. Wolfe Research assumed coverage on Praxis Precision Medicines in a research note on Monday, February 23rd. They set an “outperform” rating and a $500.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft set a $420.00 price objective on Praxis Precision Medicines in a research note on Friday, May 8th. Four analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and an average target price of $592.67.

Praxis Precision Medicines Stock Up 0.0%

Praxis Precision Medicines stock opened at $320.61 on Wednesday. The firm has a fifty day moving average of $318.99 and a 200-day moving average of $285.99. The firm has a market capitalization of $8.94 billion, a P/E ratio of -23.98 and a beta of 2.76. Praxis Precision Medicines has a 52-week low of $35.21 and a 52-week high of $358.76.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.58) by $0.38. On average, research analysts expect that Praxis Precision Medicines will post -14.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its position in Praxis Precision Medicines by 2.3% in the first quarter. Bank of America Corp DE now owns 534,604 shares of the company’s stock worth $172,244,000 after purchasing an additional 11,841 shares during the period. Stempoint Capital LP lifted its position in Praxis Precision Medicines by 167.1% in the first quarter. Stempoint Capital LP now owns 56,267 shares of the company’s stock worth $18,129,000 after purchasing an additional 35,200 shares during the period. Janus Henderson Group PLC lifted its position in Praxis Precision Medicines by 6.8% in the first quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock worth $1,113,514,000 after purchasing an additional 218,777 shares during the period. Ally Bridge Group NY LLC grew its holdings in Praxis Precision Medicines by 65.0% during the first quarter. Ally Bridge Group NY LLC now owns 32,810 shares of the company’s stock worth $10,571,000 after acquiring an additional 12,928 shares during the period. Finally, Amundi grew its holdings in Praxis Precision Medicines by 128.1% during the first quarter. Amundi now owns 1,802 shares of the company’s stock worth $581,000 after acquiring an additional 1,012 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.