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

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have been given a consensus rating of “Moderate Buy” by the eighteen research firms that are currently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, thirteen have issued a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $436.6667.

A number of brokerages recently issued reports on PRAX. Needham & Company LLC restated a “buy” rating and set a $460.00 price objective on shares of Praxis Precision Medicines in a report on Monday, January 5th. TD Cowen lifted their target price on Praxis Precision Medicines from $251.00 to $353.00 and gave the stock a “buy” rating in a report on Monday, December 8th. Jefferies Financial Group reissued a “buy” rating and set a $450.00 price objective (up previously from $300.00) on shares of Praxis Precision Medicines in a research report on Tuesday, December 9th. Oppenheimer reissued an “outperform” rating and issued a $750.00 target price (up previously from $250.00) on shares of Praxis Precision Medicines in a research report on Monday, December 15th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Praxis Precision Medicines in a report on Monday, December 29th.

Insider Buying and Selling at Praxis Precision Medicines

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 13,600 shares of the 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 completion of the sale, the insider owned 10,442 shares in the company, valued at $2,005,699.36. This trade represents a 56.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Alex Nemiroff sold 25,130 shares of Praxis Precision Medicines stock in a transaction dated 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 completion of the transaction, the general counsel directly owned 20,832 shares of the company’s stock, valued at approximately $4,022,450.88. This trade represents a 54.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds have recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. grew its holdings in 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 purchasing an additional 231,827 shares during the period. Vanguard Group Inc. boosted its stake in shares of Praxis Precision Medicines by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,267,286 shares of the company’s stock worth $67,166,000 after acquiring an additional 51,642 shares during the period. Deerfield Management Company L.P. boosted its stake in shares of Praxis Precision Medicines by 22.4% during the 3rd quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock worth $44,565,000 after acquiring an additional 153,920 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Praxis Precision Medicines by 19.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 604,298 shares of the company’s stock worth $25,411,000 after acquiring an additional 96,898 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Praxis Precision Medicines by 12.7% during the 3rd quarter. Bank of America Corp DE now owns 482,861 shares of the company’s stock worth $25,592,000 after acquiring an additional 54,458 shares during the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Up 1.8%

Shares of Praxis Precision Medicines stock opened at $280.83 on Wednesday. Praxis Precision Medicines has a 12 month low of $26.70 and a 12 month high of $317.72. The business has a fifty day simple moving average of $235.40 and a 200 day simple moving average of $128.07. The stock has a market cap of $7.07 billion, a PE ratio of -21.77 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.45) by $0.09. Analysts expect that Praxis Precision Medicines will post -10.22 EPS for the current fiscal 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.