Praxis Precision Medicines’ (PRAX) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report report published on Monday morning,Benzinga reports. The brokerage currently has a $150.00 price target on the stock.

Other analysts also recently issued reports about the stock. HC Wainwright reissued a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Truist Financial boosted their target price on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Finally, Oppenheimer lifted their price target 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 investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $145.20.

Praxis Precision Medicines Price Performance

Shares of Praxis Precision Medicines stock opened at $85.40 on Monday. The stock has a 50-day simple moving average of $75.59 and a 200-day simple moving average of $68.03. Praxis Precision Medicines has a 52-week low of $33.01 and a 52-week high of $90.33. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of -8.29 and a beta of 2.65.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds have recently made changes to their positions in PRAX. Vanguard Group Inc. boosted its position in shares of Praxis Precision Medicines by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company’s stock valued at $81,858,000 after acquiring an additional 24,645 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Praxis Precision Medicines by 5,437.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock worth $43,027,000 after purchasing an additional 548,986 shares during the period. Janus Henderson Group PLC boosted its holdings in Praxis Precision Medicines by 37.2% during the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock valued at $30,079,000 after purchasing an additional 141,881 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Praxis Precision Medicines by 85.6% in the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after purchasing an additional 205,335 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Praxis Precision Medicines by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 406,711 shares of the company’s stock worth $31,308,000 after buying an additional 7,873 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

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.