Needham & Company LLC Increases Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $315.00

Praxis Precision Medicines (NASDAQ:PRAX) had its price target boosted by equities research analysts at Needham & Company LLC from $304.00 to $315.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 22.03% from the company’s current price.

PRAX has been the subject of a number of other reports. HC Wainwright reaffirmed a “buy” rating and issued a $340.00 target price (up from $258.00) on shares of Praxis Precision Medicines in a research note on Friday. Piper Sandler restated an “overweight” rating and set a $450.00 target price on shares of Praxis Precision Medicines in a report on Friday. Wedbush reiterated an “underperform” rating and issued a $83.00 price target (up from $77.00) on shares of Praxis Precision Medicines in a research note on Friday. Truist Financial reissued a “buy” rating and set a $360.00 price target (up from $85.00) on shares of Praxis Precision Medicines in a research report on Friday, October 17th. Finally, Lifesci Capital upgraded Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $333.00.

Praxis Precision Medicines Stock Performance

Shares of PRAX opened at $258.13 on Monday. The stock has a 50 day simple moving average of $159.09 and a 200 day simple moving average of $86.23. Praxis Precision Medicines has a 52-week low of $26.70 and a 52-week high of $278.44. The firm has a market capitalization of $6.46 billion, a PE ratio of -20.01 and a beta of 2.95.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.45) by $0.09. Equities research analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

Insider Activity

In other news, General Counsel Alex Nemiroff sold 25,130 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $193.09, for a total value of $4,852,351.70. Following the completion of the sale, the general counsel directly owned 20,832 shares of the company’s stock, valued at $4,022,450.88. This trade represents a 54.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Lauren Mastrocola sold 13,600 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $192.08, for a total value of $2,612,288.00. Following the transaction, 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 ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Woodline Partners LP lifted its stake in shares of Praxis Precision Medicines by 1,666.5% during the 1st quarter. Woodline Partners LP now owns 175,727 shares of the company’s stock worth $6,655,000 after buying an additional 165,779 shares during the last quarter. Aberdeen Group plc raised its holdings in Praxis Precision Medicines by 143.5% in the 2nd quarter. Aberdeen Group plc now owns 214,056 shares of the company’s stock valued at $9,001,000 after acquiring an additional 126,153 shares during the period. Vivo Capital LLC acquired a new stake in Praxis Precision Medicines during the second quarter worth approximately $7,048,000. Kennedy Capital Management LLC grew its position in shares of Praxis Precision Medicines by 7.9% in the second quarter. Kennedy Capital Management LLC now owns 70,445 shares of the company’s stock valued at $2,962,000 after purchasing an additional 5,180 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Praxis Precision Medicines by 13.7% during the second quarter. Swiss National Bank now owns 30,800 shares of the company’s stock worth $1,295,000 after purchasing an additional 3,700 shares during the period. 67.84% of the stock is owned by 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.