Needham & Company LLC Issues Positive Forecast for Praxis Precision Medicines (NASDAQ:PRAX) Stock Price

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective increased by Needham & Company LLC from $460.00 to $510.00 in a research report report published on Wednesday morning, Marketbeat.com reports. The firm currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the company. Weiss Ratings restated a “sell (e+)” rating on shares of Praxis Precision Medicines in a report on Monday, December 29th. Chardan Capital upgraded shares of Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, November 19th. Truist Financial upped their price target on shares of Praxis Precision Medicines from $360.00 to $500.00 and gave the company a “buy” rating in a report on Monday, December 8th. BTIG Research reissued a “buy” rating and set a $843.00 price objective (up from $507.00) on shares of Praxis Precision Medicines in a report on Monday, December 29th. Finally, UBS Group set a $750.00 target price on shares of Praxis Precision Medicines in a research report on Monday, December 15th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $533.56.

Praxis Precision Medicines Price Performance

Shares of PRAX stock opened at $310.52 on Wednesday. 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 $7.82 billion, a P/E ratio of -24.07 and a beta of 2.84. The company’s fifty day moving average price is $274.70 and its two-hundred day moving average price is $155.62.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share for the quarter, beating the consensus estimate of ($3.45) by $0.09. On average, sell-side analysts anticipate that Praxis Precision Medicines will post -10.22 EPS for the current year.

Insider Activity

In other news, General Counsel Alex Nemiroff sold 25,130 shares of the company’s stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lauren Mastrocola sold 13,600 shares of the firm’s stock in a transaction that occurred 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 sale, the insider directly owned 10,442 shares in the company, valued at approximately $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. 2.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PRAX. Adage Capital Partners GP L.L.C. increased its position in Praxis Precision Medicines by 13.3% in 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 buying an additional 231,827 shares during the period. Vanguard Group Inc. grew 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 worth $430,595,000 after acquiring an additional 193,647 shares during the last quarter. Deerfield Management Company L.P. grew its position in shares of Praxis Precision Medicines by 22.4% during the third 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 last quarter. Bank of America Corp DE increased its holdings in shares of 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 acquiring an additional 54,458 shares during the period. Finally, Geode Capital Management LLC lifted its position in Praxis Precision Medicines by 8.1% in the 2nd quarter. Geode Capital Management LLC now owns 451,731 shares of the company’s stock valued at $18,997,000 after purchasing an additional 33,715 shares during the last quarter. 67.84% of the stock is currently owned by institutional investors.

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.