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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been assigned a consensus recommendation of “Moderate Buy” from the eighteen ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $436.6667.

Several equities analysts have issued reports on PRAX shares. Truist Financial lifted their price target on shares of Praxis Precision Medicines from $360.00 to $500.00 and gave the stock a “buy” rating in a report on Monday, December 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Praxis Precision Medicines in a research note on Monday, December 29th. Jefferies Financial Group reiterated a “buy” rating and issued a $450.00 price target (up from $300.00) on shares of Praxis Precision Medicines in a research note on Tuesday, December 9th. TD Cowen boosted their price target on Praxis Precision Medicines from $251.00 to $353.00 and gave the stock a “buy” rating in a research note on Monday, December 8th. Finally, Deutsche Bank Aktiengesellschaft set a $313.00 price objective on shares of Praxis Precision Medicines in a report on Friday, December 12th.

Insider Buying and Selling

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 transaction of $4,852,351.70. Following the sale, the general counsel directly owned 20,832 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available through 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 completion of the transaction, the insider owned 10,442 shares of the company’s stock, valued at $2,005,699.36. This trade represents a 56.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake 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 worth $444,000 after purchasing an additional 573 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings 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 worth $3,298,000 after buying an additional 68,466 shares during the period. Rhumbline Advisers raised its position in Praxis Precision Medicines by 6.7% during the 1st quarter. Rhumbline Advisers now owns 24,294 shares of the company’s stock worth $920,000 after buying an additional 1,525 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in 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 valued at $25,411,000 after acquiring an additional 96,898 shares during the period. Finally, Aberdeen Group plc boosted its holdings in shares of 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 during the last quarter. 67.84% of the stock is owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock opened at $317.25 on Wednesday. The company has a market capitalization of $7.99 billion, a PE ratio of -24.59 and a beta of 2.85. The company has a 50-day simple moving average of $243.56 and a two-hundred day simple moving average of $133.58. Praxis Precision Medicines has a one year low of $26.70 and a one year high of $326.91.

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