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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has received an average recommendation of “Moderate Buy” from the seventeen ratings firms that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $403.80.

PRAX has been the topic of a number of research reports. Lifesci Capital upgraded shares of Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, September 3rd. Needham & Company LLC upped their target price on Praxis Precision Medicines from $304.00 to $315.00 and gave the company a “buy” rating in a report on Monday, December 8th. Piper Sandler reiterated an “overweight” rating and issued a $450.00 price target on shares of Praxis Precision Medicines in a research report on Friday, December 5th. Weiss Ratings restated a “sell (e+)” rating on shares of Praxis Precision Medicines in a report on Monday. Finally, Wedbush reaffirmed an “underperform” rating and set a $83.00 price objective (up from $77.00) on shares of Praxis Precision Medicines in a research note on Friday, December 5th.

Insiders Place Their Bets

In other news, General Counsel Alex Nemiroff sold 25,130 shares of Praxis Precision Medicines stock in a transaction on Thursday, November 20th. The stock was 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 approximately $4,022,450.88. The trade was a 54.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Lauren Mastrocola sold 13,600 shares of Praxis Precision Medicines stock in a transaction dated 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 directly owned 10,442 shares in the company, valued at approximately $2,005,699.36. This trade represents a 56.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC grew its position in Praxis Precision Medicines by 88.3% in the second quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock worth $26,000 after acquiring an additional 295 shares in the last quarter. CWM LLC lifted its stake in shares of Praxis Precision Medicines by 877.9% in the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock valued at $32,000 after purchasing an additional 676 shares during the last quarter. Tower Research Capital LLC TRC increased its position in Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after buying an additional 359 shares during the last quarter. AlphaQuest LLC raised its holdings in Praxis Precision Medicines by 1,623.3% during the third quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock valued at $106,000 after buying an additional 1,883 shares in the last quarter. Finally, ProShare Advisors LLC acquired a new stake in shares of Praxis Precision Medicines in the third quarter worth about $203,000. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock opened at $272.92 on Friday. Praxis Precision Medicines has a 1 year low of $26.70 and a 1 year high of $282.99. The business’s fifty day moving average is $193.66 and its 200-day moving average is $98.43. The stock has a market cap of $6.83 billion, a PE ratio of -21.16 and a beta of 2.95.

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 the consensus estimate of ($3.45) by $0.09. Equities research analysts predict that Praxis Precision Medicines will post -10.22 earnings per share for the current 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.