Jefferies Financial Group Increases Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $128.00

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective hoisted by research analysts at Jefferies Financial Group from $75.00 to $128.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s target price would suggest a potential upside of 116.22% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. Truist Financial reiterated a “buy” rating and issued a $150.00 price target on shares of Praxis Precision Medicines in a report on Monday, December 4th. HC Wainwright reiterated a “buy” rating and set a $105.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday. Finally, Wedbush boosted their price target on shares of Praxis Precision Medicines from $16.00 to $29.00 and gave the stock a “neutral” rating in a research note on Friday, January 12th.

Praxis Precision Medicines Trading Down 4.8 %

Shares of PRAX stock opened at $59.20 on Tuesday. Praxis Precision Medicines has a 1 year low of $11.85 and a 1 year high of $67.21. The firm’s 50 day moving average is $46.87 and its 200-day moving average is $29.94. The firm has a market capitalization of $783.69 million, a price-to-earnings ratio of -2.50 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Tuesday, March 5th. The company reported ($2.97) earnings per share for the quarter, topping the consensus estimate of ($3.05) by $0.08. The firm had revenue of $0.52 million during the quarter, compared to analysts’ expectations of $0.30 million. Praxis Precision Medicines had a negative net margin of 5,037.88% and a negative return on equity of 151.02%. On average, equities research analysts forecast that Praxis Precision Medicines will post -8.78 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. grew its holdings in shares of Praxis Precision Medicines by 21,000.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 10,550,000 shares of the company’s stock valued at $12,132,000 after buying an additional 10,500,000 shares during the period. Cormorant Asset Management LP acquired a new position in Praxis Precision Medicines in the second quarter valued at about $10,925,000. Adage Capital Partners GP L.L.C. grew its stake in Praxis Precision Medicines by 10.7% in the third quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock valued at $15,014,000 after acquiring an additional 849,362 shares during the period. Sphera Funds Management LTD. bought a new stake in shares of Praxis Precision Medicines in the second quarter worth about $10,079,000. Finally, Vanguard Group Inc. raised its position in shares of Praxis Precision Medicines by 135.3% during the third quarter. Vanguard Group Inc. now owns 5,564,114 shares of the company’s stock worth $9,515,000 after purchasing an additional 3,199,541 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

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.