Needham & Company LLC Reaffirms “Buy” Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a report released on Monday,Benzinga reports. They currently have a $250.00 price target on the stock. Needham & Company LLC’s price target points to a potential upside of 39.57% from the company’s current price.

Other equities analysts have also issued reports about the stock. HC Wainwright restated a “buy” rating and set a $258.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, November 25th. Lifesci Capital raised shares of Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, September 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Praxis Precision Medicines in a report on Tuesday, November 25th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $300.00 price target (up previously from $65.00) on shares of Praxis Precision Medicines in a report on Thursday, October 16th. Finally, Guggenheim reiterated a “buy” rating and set a $540.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, November 6th. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $257.50.

Praxis Precision Medicines Stock Performance

Shares of PRAX opened at $179.12 on Monday. The stock has a 50 day moving average price of $141.14 and a 200 day moving average price of $79.45. Praxis Precision Medicines has a one year low of $26.70 and a one year high of $206.71. The stock has a market capitalization of $4.48 billion, a price-to-earnings ratio of -13.89 and a beta of 2.95.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data 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. On average, analysts predict that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Insider Activity at Praxis Precision Medicines

In other news, insider Lauren Mastrocola sold 13,600 shares of the company’s stock in a transaction on Thursday, November 20th. The stock was 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. This represents a 56.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Alex Nemiroff sold 25,130 shares of the 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 transaction, the general counsel 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. The SEC filing for this sale provides additional information. Corporate insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Woodline Partners LP lifted its holdings in shares of Praxis Precision Medicines by 1,666.5% in the 1st quarter. Woodline Partners LP now owns 175,727 shares of the company’s stock worth $6,655,000 after acquiring an additional 165,779 shares during the last quarter. Aberdeen Group plc increased its holdings in Praxis Precision Medicines by 143.5% in the 2nd quarter. Aberdeen Group plc now owns 214,056 shares of the company’s stock valued at $9,001,000 after purchasing an additional 126,153 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Praxis Precision Medicines by 19.1% in the second quarter. Assenagon Asset Management S.A. now owns 604,298 shares of the company’s stock valued at $25,411,000 after purchasing an additional 96,898 shares during the period. Geode Capital Management LLC raised its position in Praxis Precision Medicines by 8.1% in the second quarter. Geode Capital Management LLC now owns 451,731 shares of the company’s stock valued at $18,997,000 after purchasing an additional 33,715 shares during the period. Finally, Cormorant Asset Management LP lifted its stake in Praxis Precision Medicines by 3.1% during the first quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company’s stock worth $66,083,000 after purchasing an additional 51,781 shares in the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.