Praxis Precision Medicines’ (PRAX) Buy Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research report report published on Tuesday,Benzinga reports. They currently have a $258.00 price target on the stock.

Several other brokerages have also recently issued reports on PRAX. Jefferies Financial Group reiterated a “buy” rating and issued a $300.00 price objective (up from $65.00) on shares of Praxis Precision Medicines in a research note on Thursday, October 16th. Guggenheim reaffirmed a “buy” rating and issued a $540.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, November 6th. BTIG Research set a $424.00 price objective on Praxis Precision Medicines and gave the company a “buy” rating in a research note on Tuesday, November 18th. Needham & Company LLC upped their target price on shares of Praxis Precision Medicines from $80.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $360.00 target price (up previously from $85.00) on shares of Praxis Precision Medicines in a report on Friday, October 17th. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and an average price target of $257.50.

Praxis Precision Medicines Stock Performance

Shares of PRAX opened at $188.54 on Tuesday. The company’s 50-day simple moving average is $132.72 and its 200-day simple moving average is $75.76. Praxis Precision Medicines has a 1 year low of $26.70 and a 1 year high of $206.71. The stock has a market capitalization of $4.71 billion, a PE ratio of -14.62 and a beta of 2.82.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share for the quarter, topping the consensus estimate of ($3.45) by $0.09. On average, sell-side analysts predict that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Insider Activity at Praxis Precision Medicines

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 25,130 shares of the stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $193.09, for a total value of $4,852,351.70. Following the transaction, the general counsel directly owned 20,832 shares in the company, valued at $4,022,450.88. This represents a 54.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Lauren Mastrocola sold 13,600 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $192.08, for a total transaction of $2,612,288.00. Following the sale, the insider owned 10,442 shares of the company’s stock, valued at $2,005,699.36. This represents a 56.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC lifted its position in Praxis Precision Medicines by 88.3% in the second quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after acquiring an additional 295 shares during the last quarter. CWM LLC grew its holdings in shares of Praxis Precision Medicines by 877.9% during the second quarter. CWM LLC now owns 753 shares of the company’s stock worth $32,000 after purchasing an additional 676 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after purchasing an additional 359 shares in the last quarter. AlphaQuest LLC lifted its holdings in shares of Praxis Precision Medicines by 1,623.3% in the 3rd quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock valued at $106,000 after purchasing an additional 1,883 shares during the last quarter. Finally, ProShare Advisors LLC acquired a new stake in shares of Praxis Precision Medicines in the 3rd quarter valued at about $203,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.