TD Cowen Forecasts Strong Price Appreciation for Praxis Precision Medicines (NASDAQ:PRAX) Stock

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective raised by analysts at TD Cowen from $251.00 to $353.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price target points to a potential upside of 36.75% from the company’s current price.

Other analysts have also issued research reports about the company. Chardan Capital raised Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, November 19th. Lifesci Capital upgraded Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, September 3rd. Wedbush reaffirmed an “underperform” rating and issued a $83.00 target price (up from $77.00) on shares of Praxis Precision Medicines in a research report on Friday. Guggenheim reissued a “buy” rating and issued a $540.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 6th. Finally, BTIG Research set a $507.00 price objective on shares of Praxis Precision Medicines in a research note on Monday. Two investment 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $333.00.

Praxis Precision Medicines Stock Performance

NASDAQ:PRAX opened at $258.13 on Monday. The firm’s 50-day moving average is $159.09 and its 200-day moving average is $86.23. The company has a market cap of $6.46 billion, a price-to-earnings ratio of -20.01 and a beta of 2.95. Praxis Precision Medicines has a 52-week low of $26.70 and a 52-week high of $278.44.

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

Insiders Place Their Bets

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 13,600 shares of the stock in a transaction 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 completion of the transaction, the insider directly owned 10,442 shares in the company, valued at $2,005,699.36. This represents a 56.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Alex Nemiroff sold 25,130 shares of Praxis Precision Medicines stock in a transaction 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 of the company’s stock, valued at approximately $4,022,450.88. The trade was a 54.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its stake in Praxis Precision Medicines by 88.3% during the second quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock worth $26,000 after buying an additional 295 shares during the last quarter. CWM LLC raised its stake in shares of Praxis Precision Medicines by 877.9% in the second quarter. CWM LLC now owns 753 shares of the company’s stock valued at $32,000 after acquiring an additional 676 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Praxis Precision Medicines by 24.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after acquiring an additional 359 shares during the last quarter. AlphaQuest LLC boosted 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 worth $106,000 after acquiring an additional 1,883 shares in the last quarter. Finally, ProShare Advisors LLC bought a new stake in Praxis Precision Medicines during the 3rd quarter worth approximately $203,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.