Needham & Company LLC Boosts Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $510.00

Praxis Precision Medicines (NASDAQ:PRAX) had its target price upped by research analysts at Needham & Company LLC from $460.00 to $510.00 in a note issued to investors on Wednesday, MarketBeat Ratings reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 66.87% from the stock’s previous close.

Other analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft set a $313.00 price objective on Praxis Precision Medicines in a research report on Friday, December 12th. UBS Group set a $750.00 price target on shares of Praxis Precision Medicines in a research report on Monday, December 15th. HC Wainwright reissued a “buy” rating and set a $1,245.00 price target (up from $340.00) on shares of Praxis Precision Medicines in a research note on Friday, January 30th. Truist Financial raised their price objective on shares of Praxis Precision Medicines from $360.00 to $500.00 and gave the company a “buy” rating in a research note on Monday, December 8th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, January 29th. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $533.56.

Praxis Precision Medicines Price Performance

PRAX stock opened at $305.62 on Wednesday. The company has a 50 day moving average price of $279.34 and a 200 day moving average price of $157.69. Praxis Precision Medicines has a fifty-two week low of $26.70 and a fifty-two week high of $326.91. The stock has a market capitalization of $7.70 billion, a PE ratio of -23.69 and a beta of 2.84.

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

Insiders Place Their Bets

In other news, General Counsel Alex Nemiroff sold 25,130 shares of the business’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $193.09, for a total value of $4,852,351.70. Following the completion of the transaction, the general counsel owned 20,832 shares of the company’s stock, valued at $4,022,450.88. The trade was a 54.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Lauren Mastrocola sold 13,600 shares of the firm’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 sale, the insider directly owned 10,442 shares in the company, valued at $2,005,699.36. The trade was a 56.57% 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

Institutional investors and hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Praxis Precision Medicines by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company’s stock valued at $444,000 after purchasing an additional 573 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Praxis Precision Medicines by 367.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company’s stock valued at $3,298,000 after buying an additional 68,466 shares during the last quarter. Aberdeen Group plc lifted its stake 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 acquiring an additional 126,153 shares in the last quarter. CWM LLC boosted its position in Praxis Precision Medicines by 877.9% during the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock worth $32,000 after acquiring an additional 676 shares during the last quarter. Finally, TD Asset Management Inc grew its stake in shares of Praxis Precision Medicines by 72.2% during the 2nd quarter. TD Asset Management Inc now owns 63,938 shares of the company’s stock worth $2,689,000 after acquiring an additional 26,800 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.