Praxis Precision Medicines (NASDAQ:PRAX) Trading 9.2% Higher After Analyst Upgrade

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price shot up 9.2% during mid-day trading on Monday after TD Cowen raised their price target on the stock from $251.00 to $353.00. TD Cowen currently has a buy rating on the stock. Praxis Precision Medicines traded as high as $278.00 and last traded at $270.7740. 277,933 shares changed hands during trading, a decline of 53% from the average session volume of 596,246 shares. The stock had previously closed at $247.99.

PRAX has been the topic of several other reports. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $303.00 target price on shares of Praxis Precision Medicines in a report on Friday. Piper Sandler reiterated an “overweight” rating and set a $450.00 price objective on shares of Praxis Precision Medicines in a research note on Friday. Jones Trading initiated coverage on shares of Praxis Precision Medicines in a research report on Thursday, September 18th. They issued a “buy” rating and a $83.00 target price for the company. Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a report on Monday. Finally, Lifesci Capital upgraded shares of Praxis Precision Medicines to a “strong-buy” rating in a research report on Wednesday, September 3rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $333.00.

Insider Buying and Selling at Praxis Precision Medicines

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 13,600 shares of the stock in a transaction dated 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 completion of the transaction, the insider directly owned 10,442 shares in the company, valued at approximately $2,005,699.36. This trade represents a 56.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Alex Nemiroff sold 25,130 shares of Praxis Precision Medicines stock in a transaction dated 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 sale, the general counsel directly owned 20,832 shares in the company, valued at $4,022,450.88. The trade was a 54.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PRAX. Adage Capital Partners GP L.L.C. boosted its position in Praxis Precision Medicines by 188.1% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 1,742,758 shares of the company’s stock worth $65,998,000 after buying an additional 1,137,748 shares during the period. Woodline Partners LP increased its position in Praxis Precision Medicines by 808.9% in the 3rd quarter. Woodline Partners LP now owns 417,669 shares of the company’s stock valued at $22,136,000 after acquiring an additional 371,717 shares during the period. Driehaus Capital Management LLC raised its stake in shares of Praxis Precision Medicines by 192.0% during the first quarter. Driehaus Capital Management LLC now owns 481,598 shares of the company’s stock valued at $18,238,000 after acquiring an additional 316,686 shares during the last quarter. Vivo Capital LLC acquired a new position in shares of Praxis Precision Medicines during the second quarter worth $7,048,000. Finally, Deerfield Management Company L.P. grew its stake in shares of Praxis Precision Medicines by 22.4% in the third quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock worth $44,565,000 after purchasing an additional 153,920 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Down 4.7%

The company has a market cap of $6.46 billion, a P/E ratio of -20.01 and a beta of 2.95. The firm’s 50 day moving average is $159.09 and its two-hundred day moving average is $86.23.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Wednesday, November 5th. The company reported ($3.36) EPS for the quarter, topping the consensus estimate of ($3.45) by $0.09. As a group, research analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

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.