Guggenheim Boosts Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $170.00

Praxis Precision Medicines (NASDAQ:PRAX) had its price target boosted by Guggenheim from $155.00 to $170.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

PRAX has been the subject of a number of other research reports. Robert W. Baird began coverage on Praxis Precision Medicines in a research report on Wednesday, May 1st. They set an outperform rating and a $117.00 price target for the company. Wedbush upped their price target on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a neutral rating in a research report on Wednesday. Needham & Company LLC reaffirmed a buy rating and set a $145.00 price target on shares of Praxis Precision Medicines in a research report on Monday, August 12th. HC Wainwright reaffirmed a buy rating and set a $105.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, May 14th. Finally, Oppenheimer reaffirmed an outperform rating and set a $134.00 price target on shares of Praxis Precision Medicines in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $142.44.

Praxis Precision Medicines Stock Performance

Shares of PRAX opened at $52.85 on Wednesday. The stock has a 50 day simple moving average of $48.01 and a 200 day simple moving average of $48.78. Praxis Precision Medicines has a 52-week low of $13.01 and a 52-week high of $67.21. The firm has a market capitalization of $904.26 million, a PE ratio of -3.33 and a beta of 2.73.

Institutional Trading of Praxis Precision Medicines

Several large investors have recently bought and sold shares of the business. Point72 Asset Management L.P. raised its position in Praxis Precision Medicines by 10.2% in the second quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock valued at $43,498,000 after purchasing an additional 97,561 shares during the last quarter. RA Capital Management L.P. bought a new position in Praxis Precision Medicines in the first quarter valued at about $50,548,000. Vanguard Group Inc. raised its position in Praxis Precision Medicines by 100.6% in the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after purchasing an additional 373,131 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new position in Praxis Precision Medicines in the first quarter valued at about $32,707,000. Finally, Kingdon Capital Management L.L.C. raised its position in Praxis Precision Medicines by 1.0% in the first quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock valued at $21,357,000 after purchasing an additional 3,335 shares during the last quarter. 67.84% of the stock is 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.