Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have earned a consensus rating of “Moderate Buy” from the eighteen ratings firms that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, twelve have issued a buy rating and three have issued a strong buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $533.5625.

A number of equities analysts have weighed in on the stock. Citigroup reaffirmed a “conviction-buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, December 30th. BTIG Research restated a “buy” rating and issued a $843.00 price target (up previously from $507.00) on shares of Praxis Precision Medicines in a research note on Monday, December 29th. UBS Group set a $750.00 price objective on Praxis Precision Medicines in a research report on Monday, December 15th. Weiss Ratings reissued a “sell (e+)” rating on shares of Praxis Precision Medicines in a report on Monday, December 29th. Finally, TD Cowen reissued a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, January 29th.

Praxis Precision Medicines Trading Up 4.6%

Shares of Praxis Precision Medicines stock opened at $319.57 on Friday. Praxis Precision Medicines has a 12 month low of $26.70 and a 12 month high of $326.91. The firm has a market capitalization of $8.05 billion, a P/E ratio of -24.77 and a beta of 2.84. The business has a fifty day simple moving average of $281.80 and a two-hundred day simple moving average of $160.25.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.45) by $0.09. Analysts predict that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Insider Transactions at Praxis Precision Medicines

In related news, General Counsel Alex Nemiroff sold 25,130 shares of the 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 sale, the general counsel directly owned 20,832 shares of the company’s stock, valued at approximately $4,022,450.88. This represents a 54.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lauren Mastrocola sold 13,600 shares of the firm’s stock in a transaction dated 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 sale, the insider owned 10,442 shares of the company’s stock, valued at approximately $2,005,699.36. This represents a 56.57% decrease in their ownership of the stock. 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

A number of hedge funds have recently added to or reduced their stakes in the company. Adage Capital Partners GP L.L.C. lifted its position in Praxis Precision Medicines by 13.3% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock valued at $83,031,000 after acquiring an additional 231,827 shares in the last quarter. Vanguard Group Inc. boosted its position 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 buying an additional 193,647 shares during the last quarter. Deerfield Management Company L.P. increased its holdings in Praxis Precision Medicines by 22.4% in the 3rd quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock worth $44,565,000 after buying an additional 153,920 shares in the last quarter. Bank of America Corp DE raised its position in Praxis Precision Medicines by 12.7% in the 3rd quarter. Bank of America Corp DE now owns 482,861 shares of the company’s stock worth $25,592,000 after buying an additional 54,458 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Praxis Precision Medicines by 8.1% during the 2nd quarter. Geode Capital Management LLC now owns 451,731 shares of the company’s stock valued at $18,997,000 after acquiring an additional 33,715 shares during the period. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.