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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been assigned an average recommendation of “Moderate Buy” from the eighteen analysts that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, one has given a hold recommendation, twelve have issued a buy recommendation and three have issued a strong buy recommendation on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $533.5625.

A number of equities analysts have recently issued reports on the company. Needham & Company LLC raised their price target on Praxis Precision Medicines from $460.00 to $510.00 and gave the stock a “buy” rating in a research note on Wednesday. HC Wainwright reissued a “buy” rating and issued a $1,245.00 target price (up previously from $340.00) on shares of Praxis Precision Medicines in a report on Friday, January 30th. Wells Fargo & Company initiated coverage on Praxis Precision Medicines in a research note on Monday, February 2nd. They set an “equal weight” rating and a $282.00 price target for the company. Piper Sandler reiterated an “overweight” rating and issued a $1,200.00 price objective (up previously from $450.00) on shares of Praxis Precision Medicines in a research note on Wednesday, January 28th. Finally, Wedbush raised their price objective on shares of Praxis Precision Medicines from $83.00 to $95.00 and gave the stock an “underperform” rating in a report on Monday, January 12th.

Praxis Precision Medicines Stock Up 4.6%

Shares of Praxis Precision Medicines stock opened at $319.57 on Friday. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $326.91. The company’s 50 day moving average is $281.80 and its 200 day moving average is $160.25. The company has a market cap of $8.05 billion, a price-to-earnings ratio of -24.77 and a beta of 2.84.

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

Insider Buying and Selling at Praxis Precision Medicines

In other news, 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 transaction of $4,852,351.70. Following the transaction, the general counsel owned 20,832 shares in the company, valued at $4,022,450.88. This trade represents a 54.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Lauren Mastrocola sold 13,600 shares of the business’s stock in a transaction on 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 directly owned 10,442 shares of the company’s stock, valued at approximately $2,005,699.36. The trade was a 56.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.70% of the company’s stock.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently bought and sold shares of PRAX. Congress Asset Management Co. bought a new position in Praxis Precision Medicines in the 3rd quarter worth $1,613,000. Vivo Capital LLC bought a new stake in Praxis Precision Medicines during the second quarter valued at about $7,048,000. Aberdeen Group plc lifted its position in shares of Praxis Precision Medicines by 143.5% in the second quarter. Aberdeen Group plc now owns 214,056 shares of the company’s stock valued at $9,001,000 after acquiring an additional 126,153 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Praxis Precision Medicines in the third quarter worth about $715,000. Finally, Kennedy Capital Management LLC boosted its stake in shares of Praxis Precision Medicines by 7.9% in the second quarter. Kennedy Capital Management LLC now owns 70,445 shares of the company’s stock worth $2,962,000 after acquiring an additional 5,180 shares during the period. Hedge funds and other institutional investors own 67.84% of the company’s stock.

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.