Praxis Precision Medicines (NASDAQ:PRAX) Upgraded to Moderate Buy at Royal Bank Of Canada

Praxis Precision Medicines (NASDAQ:PRAX) was upgraded by stock analysts at Royal Bank Of Canada to a “moderate buy” rating in a research note issued on Wednesday,Zacks.com reports.

Other analysts also recently issued reports about the company. Wolfe Research began coverage on Praxis Precision Medicines in a report on Monday, February 23rd. They issued an “outperform” rating and a $500.00 price objective for the company. Truist Financial set a $616.00 target price on Praxis Precision Medicines and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $510.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, April 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Praxis Precision Medicines in a research note on Wednesday, May 27th. Finally, TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Four research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $566.21.

Praxis Precision Medicines Price Performance

NASDAQ:PRAX opened at $282.31 on Wednesday. Praxis Precision Medicines has a one year low of $37.19 and a one year high of $366.52. The company has a market cap of $7.87 billion, a PE ratio of -21.12 and a beta of 2.71. The firm’s 50 day simple moving average is $316.05 and its 200 day simple moving average is $303.57.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results 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. Equities research analysts expect that Praxis Precision Medicines will post -14.79 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently made changes to their positions in PRAX. Parallel Advisors LLC lifted its position in Praxis Precision Medicines by 3,000.0% in the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock valued at $40,000 after acquiring an additional 120 shares in the last quarter. NBC Securities Inc. bought a new position in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $38,000. Danske Bank A S bought a new position in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $59,000. GAMMA Investing LLC boosted its position in shares of Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after buying an additional 88 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in shares of Praxis Precision Medicines by 60.0% during the fourth 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. 67.84% of the stock is owned by institutional investors.

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.