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

Praxis Precision Medicines (NASDAQ:PRAX) had its target price upped by Jefferies Financial Group from $75.00 to $128.00 in a report published on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also issued research reports about the stock. Wedbush raised their price target on shares of Praxis Precision Medicines from $16.00 to $29.00 and gave the company a neutral rating in a research note on Friday, January 12th. 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, Truist Financial reissued a buy rating and set a $150.00 price target on shares of Praxis Precision Medicines in a report on Monday, December 4th.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock opened at $61.02 on Tuesday. The stock has a market capitalization of $807.90 million, a price-to-earnings ratio of -2.58 and a beta of 2.85. Praxis Precision Medicines has a one year low of $11.85 and a one year high of $67.21. The company’s 50-day simple moving average is $47.31 and its 200-day simple moving average is $30.15.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.05) by $0.08. Praxis Precision Medicines had a negative net margin of 5,037.88% and a negative return on equity of 151.02%. The company had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.30 million. As a group, research analysts forecast that Praxis Precision Medicines will post -8.78 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PRAX. Barclays PLC raised its position in Praxis Precision Medicines by 557.0% during the fourth quarter. Barclays PLC now owns 10,539 shares of the company’s stock valued at $25,000 after buying an additional 8,935 shares during the period. Legal & General Group Plc boosted its holdings in shares of Praxis Precision Medicines by 61.2% during the second quarter. Legal & General Group Plc now owns 12,736 shares of the company’s stock worth $31,000 after purchasing an additional 4,834 shares during the period. JPMorgan Chase & Co. increased its stake in Praxis Precision Medicines by 66.1% in the 1st quarter. JPMorgan Chase & Co. now owns 38,001 shares of the company’s stock valued at $31,000 after buying an additional 15,121 shares during the period. Simplex Trading LLC purchased a new stake in Praxis Precision Medicines in the 4th quarter worth approximately $31,000. Finally, Principal Financial Group Inc. boosted its stake in shares of Praxis Precision Medicines by 66.6% during the 2nd quarter. Principal Financial Group Inc. now owns 31,771 shares of the company’s stock valued at $37,000 after buying an additional 12,700 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.