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

Praxis Precision Medicines (NASDAQ:PRAX) had its price target increased by stock analysts at Wedbush from $83.00 to $95.00 in a report issued on Monday, MarketBeat Ratings reports. The firm currently has an “underperform” rating on the stock. Wedbush’s price objective would indicate a potential downside of 66.17% from the stock’s previous close.

Several other equities analysts have also recently issued reports on PRAX. Chardan Capital upgraded shares of Praxis Precision Medicines to a “strong-buy” rating in a research report on Wednesday, November 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $460.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, January 5th. Truist Financial increased their target price on Praxis Precision Medicines from $360.00 to $500.00 and gave the stock a “buy” rating in a research report on Monday, December 8th. UBS Group set a $750.00 target price on Praxis Precision Medicines in a research note on Monday, December 15th. Finally, Citigroup reaffirmed a “conviction-buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, December 30th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $436.67.

Praxis Precision Medicines Stock Performance

PRAX opened at $280.83 on Monday. The stock has a market capitalization of $7.07 billion, a PE ratio of -21.77 and a beta of 2.85. The stock’s 50 day moving average price is $235.40 and its 200-day moving average price is $128.07. Praxis Precision Medicines has a 52-week low of $26.70 and a 52-week high of $317.72.

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

Insiders Place Their Bets

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 25,130 shares of the business’s stock in a transaction on Thursday, November 20th. The stock was 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 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Lauren Mastrocola sold 13,600 shares of the firm’s stock in a transaction on 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 transaction, the insider owned 10,442 shares of the company’s stock, valued at $2,005,699.36. The trade was a 56.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRAX. Congress Asset Management Co. bought a new stake in shares of Praxis Precision Medicines during the third quarter valued at approximately $1,613,000. Vivo Capital LLC purchased a new stake in Praxis Precision Medicines during the 2nd quarter valued at $7,048,000. Aberdeen Group plc increased its holdings in shares of Praxis Precision Medicines by 143.5% in the 2nd quarter. Aberdeen Group plc now owns 214,056 shares of the company’s stock worth $9,001,000 after purchasing an additional 126,153 shares in the last quarter. Kennedy Capital Management LLC increased its holdings in shares of Praxis Precision Medicines by 7.9% in the 2nd quarter. Kennedy Capital Management LLC now owns 70,445 shares of the company’s stock worth $2,962,000 after purchasing an additional 5,180 shares in the last quarter. Finally, Swiss National Bank raised its stake in shares of Praxis Precision Medicines by 13.7% in the second quarter. Swiss National Bank now owns 30,800 shares of the company’s stock worth $1,295,000 after purchasing an additional 3,700 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

About Praxis Precision Medicines

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.