Praxis Precision Medicines (NASDAQ:PRAX) Research Coverage Started at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft initiated coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report released on Tuesday, Marketbeat.com reports. The firm issued a buy rating and a $111.00 price target on the stock.

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

Praxis Precision Medicines Stock Up 1.5 %

NASDAQ PRAX opened at $86.66 on Tuesday. Praxis Precision Medicines has a 12-month low of $33.01 and a 12-month high of $90.33. The company has a market capitalization of $1.62 billion, a PE ratio of -8.41 and a beta of 2.65. The firm’s 50 day moving average is $75.96 and its 200-day moving average is $68.15.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors have recently modified their holdings of the business. Assenagon Asset Management S.A. raised its stake in Praxis Precision Medicines by 5,437.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after purchasing an additional 548,986 shares in the last quarter. Franklin Resources Inc. raised its stake in Praxis Precision Medicines by 85.6% during the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock worth $25,619,000 after acquiring an additional 205,335 shares in the last quarter. Baker BROS. Advisors LP raised its stake in Praxis Precision Medicines by 145.6% during the third quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company’s stock worth $18,591,000 after acquiring an additional 191,572 shares in the last quarter. Wellington Management Group LLP raised its stake in Praxis Precision Medicines by 326.9% during the third quarter. Wellington Management Group LLP now owns 219,907 shares of the company’s stock worth $12,653,000 after acquiring an additional 168,394 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of Praxis Precision Medicines by 37.2% during the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock worth $30,079,000 after purchasing an additional 141,881 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

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.