Biotech Catches Major Premarket Bid

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, September 19, 2023

A Boston-based biotech company is capturing the collective attention of the trading community after it was announced that Truist Securities initiated coverage on the stock, giving it a buy rating and a price target of $10.00/share.

Seeing that shares of Praxis Precision Medicines Inc. (Nasdaq:PRAX) closed at just $1.42/share on Monday, it’s no wonder that traders are excited before Tuesday’s opening bell. Shares are currently bid up at $1.54/share (+8.45% implied open for sellers) at the time of writing. It should be an exciting session for this small cap!

Praxis Precision Medicines Inc is a clinical-stage biopharmaceutical company. The firm is engaged in translating genetic insights into the development of therapies for patients affected by central nervous system disorders characterized by a neuronal imbalance. The firm's pipeline covers PRAX-114, for the treatment of a broad range of patients suffering from major depressive disorder and post-traumatic stress disorder; PRAX-944, for the treatment of Essential Tremor and Parkinson's Disease; PRAX-562, and PRAX-222, among others.

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