Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives Average Recommendation of “Moderate Buy” from Analysts

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been assigned an average rating of “Moderate Buy” from the ten brokerages that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $123.80.

Several brokerages have recently issued reports on PRAX. Truist Financial decreased their price objective on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Robert W. Baird decreased their price target on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Wedbush downgraded shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research report on Friday, February 28th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price objective on the stock. Finally, HC Wainwright lowered their target price on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a research note on Monday, March 3rd.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PRAX. GF Fund Management CO. LTD. purchased a new position in shares of Praxis Precision Medicines during the fourth quarter worth approximately $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Praxis Precision Medicines in the fourth quarter valued at $48,000. Graham Capital Management L.P. purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at about $209,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth about $215,000. Finally, Intech Investment Management LLC purchased a new position in shares of Praxis Precision Medicines during the third quarter worth about $217,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock opened at $37.71 on Thursday. Praxis Precision Medicines has a fifty-two week low of $30.01 and a fifty-two week high of $91.83. The company has a 50 day moving average price of $64.04 and a 200 day moving average price of $67.98. The stock has a market capitalization of $760.35 million, a P/E ratio of -3.66 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Friday, February 28th. The company reported ($2.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). The company had revenue of $7.48 million for the quarter, compared to analysts’ expectations of $0.36 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. On average, research analysts forecast that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.