Praxis Precision Medicines (NASDAQ:PRAX) Now Covered by Analysts at Wells Fargo & Company

Wells Fargo & Company began coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report issued on Monday morning, Marketbeat Ratings reports. The firm issued an equal weight rating and a $282.00 price objective on the stock.

Several other equities analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft set a $313.00 target price on Praxis Precision Medicines in a research report on Friday, December 12th. Wedbush lifted their price objective on Praxis Precision Medicines from $83.00 to $95.00 and gave the company an “underperform” rating in a research report on Monday, January 12th. Oppenheimer reiterated an “outperform” rating and set a $750.00 price objective (up from $250.00) on shares of Praxis Precision Medicines in a research note on Monday, December 15th. TD Cowen restated a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $1,245.00 price target (up previously from $340.00) on shares of Praxis Precision Medicines in a report on Friday. Three research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Praxis Precision Medicines has an average rating of “Moderate Buy” and a consensus target price of $530.44.

Praxis Precision Medicines Trading Down 1.6%

PRAX opened at $309.11 on Monday. The company has a market cap of $7.79 billion, a price-to-earnings ratio of -23.96 and a beta of 2.85. The company’s 50 day moving average is $272.18 and its 200 day moving average is $153.81. Praxis Precision Medicines has a 12-month low of $26.70 and a 12-month high of $326.91.

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

Insider Activity at Praxis Precision Medicines

In related news, insider Lauren Mastrocola sold 13,600 shares of the firm’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 completion of the transaction, the insider directly owned 10,442 shares of the company’s stock, valued at approximately $2,005,699.36. This trade represents a 56.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Alex Nemiroff sold 25,130 shares of the business’s 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 completion of the sale, 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 position. The SEC filing for this sale provides additional information. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors have recently added to or reduced their stakes in the company. NBC Securities Inc. bought a new stake in Praxis Precision Medicines in the 4th quarter worth approximately $38,000. Danske Bank A S bought a new stake in Praxis Precision Medicines in the fourth quarter worth $59,000. GAMMA Investing LLC increased its position in Praxis Precision Medicines by 58.7% in the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after purchasing an additional 88 shares during the last quarter. Farther Finance Advisors LLC raised its stake in Praxis Precision Medicines by 60.0% during the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock valued at $108,000 after purchasing an additional 138 shares in the last quarter. Finally, GF Fund Management CO. LTD. lifted its position in Praxis Precision Medicines by 8.2% during the fourth quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock valued at $144,000 after purchasing an additional 37 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

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.