Analysts Set Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Target Price at $145.20

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been assigned an average recommendation of “Moderate Buy” from the ten research firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $145.20.

PRAX has been the subject of several recent research reports. Truist Financial boosted their price objective on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. HC Wainwright restated a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, December 12th. Needham & Company LLC restated a “buy” rating and set a $150.00 price objective on shares of Praxis Precision Medicines in a report on Monday, February 10th. Deutsche Bank Aktiengesellschaft initiated coverage on Praxis Precision Medicines in a report on Tuesday, February 11th. They set a “buy” rating and a $111.00 price objective for the company. Finally, Oppenheimer boosted their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a report on Thursday, October 31st.

Institutional Investors Weigh In On Praxis Precision Medicines

Several institutional investors have recently bought and sold shares of PRAX. Polar Asset Management Partners Inc. purchased a new position in Praxis Precision Medicines in the fourth quarter worth $7,590,000. GF Fund Management CO. LTD. purchased a new position in Praxis Precision Medicines in the fourth quarter worth $30,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Praxis Precision Medicines by 17.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,615 shares of the company’s stock worth $1,433,000 after purchasing an additional 2,747 shares during the last quarter. Voloridge Investment Management LLC boosted its position in Praxis Precision Medicines by 54.4% in the fourth quarter. Voloridge Investment Management LLC now owns 116,062 shares of the company’s stock worth $8,932,000 after purchasing an additional 40,875 shares during the last quarter. Finally, VR Adviser LLC boosted its position in Praxis Precision Medicines by 40.2% in the fourth quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock worth $76,189,000 after purchasing an additional 283,854 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Down 4.9 %

NASDAQ PRAX opened at $65.03 on Friday. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -6.31 and a beta of 2.65. Praxis Precision Medicines has a 52 week low of $33.01 and a 52 week high of $91.83. The business has a 50 day moving average price of $76.99 and a 200-day moving average price of $69.63.

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.