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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has received a consensus recommendation of “Moderate Buy” from the twenty-one analysts that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation, fourteen have issued a buy recommendation and four have given a strong buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $569.6316.

Several equities research analysts have recently weighed in on PRAX shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $374.00 target price (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. HC Wainwright cut their price target on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating on the stock in a report on Tuesday, June 2nd. TD Cowen reissued a “buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Royal Bank Of Canada assumed coverage on shares of Praxis Precision Medicines in a research note on Wednesday, June 17th. They issued an “outperform” rating and a $449.00 price objective for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Wednesday, May 27th.

Insider Transactions at Praxis Precision Medicines

In other news, Director Jill Desimone sold 11,600 shares of Praxis Precision Medicines stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the completion of the sale, the director directly owned 2,337 shares in the company, valued at approximately $727,554.84. This trade represents a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its position in Praxis Precision Medicines by 6.8% in the 1st quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock valued at $1,113,514,000 after buying an additional 218,777 shares during the period. Perceptive Advisors LLC increased its position in shares of Praxis Precision Medicines by 2.0% during the first quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock worth $655,974,000 after acquiring an additional 40,000 shares during the period. Adage Capital Partners GP L.L.C. increased its position in shares of Praxis Precision Medicines by 13.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock worth $83,031,000 after acquiring an additional 231,827 shares during the period. Vanguard Group Inc. raised its stake in shares of Praxis Precision Medicines by 15.3% during the fourth quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company’s stock valued at $430,595,000 after acquiring an additional 193,647 shares in the last quarter. Finally, Orbis Allan Gray Ltd bought a new stake in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $369,946,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

Shares of PRAX stock opened at $323.95 on Wednesday. The company has a market cap of $9.03 billion, a PE ratio of -24.23 and a beta of 2.74. Praxis Precision Medicines has a 1 year low of $37.19 and a 1 year high of $366.52. The stock’s 50 day simple moving average is $312.45 and its two-hundred day simple moving average is $310.64.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, beating the consensus estimate of ($3.58) by $0.38. Equities research analysts expect that Praxis Precision Medicines will post -14.82 EPS for the current year.

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.