Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have earned an average recommendation of “Moderate Buy” from the seventeen ratings firms that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, thirteen have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $403.80.

Several analysts have recently weighed in on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Praxis Precision Medicines in a research report on Monday. UBS Group set a $750.00 price target on shares of Praxis Precision Medicines in a research note on Monday. Truist Financial upped their price objective on Praxis Precision Medicines from $360.00 to $500.00 and gave the company a “buy” rating in a research note on Monday, December 8th. Jones Trading assumed coverage on Praxis Precision Medicines in a report on Thursday, September 18th. They issued a “buy” rating and a $83.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft set a $313.00 price objective on shares of Praxis Precision Medicines in a research note on Friday, December 12th.

Insider Activity

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 13,600 shares of the stock in a transaction dated Thursday, November 20th. The shares were 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. 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 business’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the completion of the transaction, the general counsel directly owned 20,832 shares of the company’s stock, valued at approximately $4,022,450.88. This represents a 54.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its holdings in shares of 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 purchasing an additional 295 shares in the last quarter. CWM LLC grew its position in 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 purchasing an additional 676 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in 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 valued at $77,000 after buying an additional 359 shares during the last quarter. AlphaQuest LLC boosted its stake in shares of Praxis Precision Medicines by 1,623.3% during the 3rd quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock worth $106,000 after buying an additional 1,883 shares during the last quarter. Finally, ProShare Advisors LLC acquired a new position in shares of Praxis Precision Medicines during the 3rd quarter worth about $203,000. 67.84% of the stock is currently owned by institutional investors.

Praxis Precision Medicines Trading Up 1.4%

Shares of NASDAQ:PRAX opened at $272.92 on Friday. Praxis Precision Medicines has a 1-year low of $26.70 and a 1-year high of $282.99. The firm has a market capitalization of $6.83 billion, a PE ratio of -21.16 and a beta of 2.95. The business’s 50 day moving average is $193.66 and its 200-day moving average is $98.43.

Praxis Precision Medicines (NASDAQ:PRAX) last issued 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. On average, sell-side analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current year.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.