Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has earned an average recommendation of “Moderate Buy” from the eighteen ratings firms that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a buy rating and three have issued a strong buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $436.6667.

Several brokerages have issued reports on PRAX. Jones Trading began coverage on shares of Praxis Precision Medicines in a research report on Thursday, September 18th. They set a “buy” rating and a $83.00 price objective for the company. Citigroup reiterated a “conviction-buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, December 30th. HC Wainwright restated a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, December 30th. UBS Group set a $750.00 price objective on Praxis Precision Medicines in a research report on Monday, December 15th. Finally, BTIG Research reissued a “buy” rating and set a $843.00 target price (up previously from $507.00) on shares of Praxis Precision Medicines in a report on Monday, December 29th.

Insider Transactions at Praxis Precision Medicines

In other Praxis Precision Medicines news, 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 completion of the sale, the general counsel owned 20,832 shares in the company, valued at $4,022,450.88. The trade was a 54.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lauren Mastrocola sold 13,600 shares of the business’s 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 completion of the sale, the insider directly owned 10,442 shares of the company’s stock, valued at $2,005,699.36. This represents a 56.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Praxis Precision Medicines

Several institutional investors have recently made changes to their positions in PRAX. Nisa Investment Advisors LLC grew its position 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 in the last quarter. CWM LLC lifted its position in shares of Praxis Precision Medicines by 877.9% during the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock valued at $32,000 after acquiring an additional 676 shares during the period. GAMMA Investing LLC grew its holdings in shares of Praxis Precision Medicines by 58.7% during the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after purchasing an additional 88 shares in the last quarter. Tower Research Capital LLC TRC increased its position 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 worth $77,000 after purchasing an additional 359 shares during the period. Finally, AlphaQuest LLC increased its position in shares of Praxis Precision Medicines by 1,623.3% in the third quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock worth $106,000 after purchasing an additional 1,883 shares during the period. 67.84% of the stock is currently owned by institutional investors.

Praxis Precision Medicines Price Performance

Shares of PRAX opened at $280.83 on Wednesday. The company’s 50-day moving average is $235.40 and its 200-day moving average is $128.07. The firm has a market capitalization of $7.07 billion, a PE ratio of -21.77 and a beta of 2.85. Praxis Precision Medicines has a fifty-two week low of $26.70 and a fifty-two week high of $317.72.

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. Analysts predict that Praxis Precision Medicines will post -10.22 earnings per share for the current fiscal 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.