Truist Financial Boosts Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $500.00

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective raised by investment analysts at Truist Financial from $360.00 to $500.00 in a research note issued on Monday, Marketbeat Ratings reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 93.70% from the company’s current price.

PRAX has been the topic of a number of other reports. Cowen reissued a “buy” rating on shares of Praxis Precision Medicines in a report on Monday. Wedbush reiterated an “underperform” rating and set a $83.00 price objective (up previously from $77.00) on shares of Praxis Precision Medicines in a research note on Friday. Piper Sandler reissued an “overweight” rating and issued a $450.00 target price on shares of Praxis Precision Medicines in a report on Friday. Lifesci Capital raised Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, September 3rd. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $300.00 price target (up from $65.00) on shares of Praxis Precision Medicines in a research report on Thursday, October 16th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and an average price target of $333.00.

Praxis Precision Medicines Stock Performance

PRAX opened at $258.13 on Monday. The company has a market capitalization of $6.46 billion, a P/E ratio of -20.01 and a beta of 2.95. The company has a 50-day moving average of $159.09 and a 200-day moving average of $86.23. Praxis Precision Medicines has a 1-year low of $26.70 and a 1-year high of $278.44.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($3.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.45) by $0.09. As a group, sell-side analysts expect that Praxis Precision Medicines will post -10.22 earnings per share for the current fiscal year.

Insider Activity

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 13,600 shares of the company’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $192.08, for a total value of $2,612,288.00. Following the completion of the sale, the insider directly owned 10,442 shares of the company’s stock, valued at approximately $2,005,699.36. This represents a 56.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Alex Nemiroff sold 25,130 shares of the firm’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the transaction, the general counsel owned 20,832 shares of the company’s stock, valued at approximately $4,022,450.88. This trade represents a 54.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.70% of the company’s stock.

Institutional Trading of Praxis Precision Medicines

Large investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC grew 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 worth $26,000 after buying an additional 295 shares during the last quarter. CWM LLC boosted its stake in shares of Praxis Precision Medicines by 877.9% during the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock worth $32,000 after acquiring an additional 676 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Praxis Precision Medicines by 24.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after acquiring an additional 359 shares during the last quarter. AlphaQuest LLC grew 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 during the last quarter. Finally, ProShare Advisors LLC acquired a new stake in shares of Praxis Precision Medicines during the third quarter worth $203,000. 67.84% of the stock is currently owned by institutional investors.

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.