Shares of Praxis Precision Medicines, Inc. (PRAX) are soaring 5.50% in intraday trading on Wednesday, following a positive initiation from Chardan Capital. The stock's significant jump comes as investors react to the new bullish stance from a respected research firm.
Chardan Capital has initiated coverage on Praxis Precision Medicines with a Buy rating, setting an ambitious price target of $80. This new target represents substantial upside potential from the stock's current trading levels, fueling investor optimism and driving the sharp increase in share price.
The positive sentiment from Chardan Capital aligns with the overall bullish view on Praxis Precision Medicines among Wall Street analysts. According to FactSet data, the company currently maintains an average rating of Buy from analysts, with a mean price target of $99.27. This consensus suggests that other analysts also see significant growth potential for the biopharmaceutical company, which specializes in developing therapies for central nervous system disorders.
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