Praxis Precision Medicines (NASDAQ:PRAX) Now Covered by Analysts at Deutsche Bank Aktiengesellschaft

Equities research analysts at Deutsche Bank Aktiengesellschaft initiated coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. The firm set a “buy” rating and a $111.00 price target on the stock. Deutsche Bank Aktiengesellschaft’s price objective indicates a potential upside of 29.98% from the stock’s current price.

PRAX has been the topic of several other reports. Truist Financial increased their price target on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Needham & Company LLC reissued a “buy” rating and set a $150.00 price target on shares of Praxis Precision Medicines in a research report on Monday. HC Wainwright restated a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Finally, Oppenheimer lifted their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and an average price target of $145.20.

Praxis Precision Medicines Stock Up 1.4 %

Shares of PRAX opened at $85.40 on Tuesday. Praxis Precision Medicines has a 52-week low of $33.01 and a 52-week high of $90.33. The company has a 50-day simple moving average of $75.59 and a 200-day simple moving average of $68.03. The company has a market capitalization of $1.59 billion, a PE ratio of -8.29 and a beta of 2.65.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PRAX. SG Americas Securities LLC purchased a new stake in Praxis Precision Medicines in the third quarter valued at approximately $297,000. Moody Aldrich Partners LLC grew its stake in shares of Praxis Precision Medicines by 29.6% during the 3rd quarter. Moody Aldrich Partners LLC now owns 31,605 shares of the company’s stock valued at $1,819,000 after buying an additional 7,224 shares during the period. US Bancorp DE increased its holdings in shares of Praxis Precision Medicines by 35.9% during the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after buying an additional 605 shares during the last quarter. Mesirow Financial Investment Management Inc. purchased a new position in shares of Praxis Precision Medicines in the 3rd quarter worth $231,000. Finally, CIBC Asset Management Inc boosted its holdings in Praxis Precision Medicines by 29.2% in the third quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock valued at $14,324,000 after acquiring an additional 56,272 shares during the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.