Praxis Precision Medicines’ (PRAX) Buy Rating Reaffirmed at BTIG Research

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reaffirmed by analysts at BTIG Research in a note issued to investors on Wednesday,Benzinga reports. They presently have a $810.00 price objective on the stock. BTIG Research’s price objective would suggest a potential upside of 173.82% from the company’s current price.

PRAX has been the subject of a number of other reports. Robert W. Baird dropped their price target on shares of Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating for the company in a research report on Tuesday, June 2nd. Piper Sandler restated an “overweight” rating on shares of Praxis Precision Medicines in a research note on Monday, July 13th. Royal Bank Of Canada assumed coverage on shares of Praxis Precision Medicines in a report on Wednesday, June 17th. They issued an “outperform” rating and a $449.00 target price for the company. Oppenheimer reiterated an “outperform” rating and issued a $650.00 price target (down from $750.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Finally, Raymond James Financial initiated coverage on Praxis Precision Medicines in a report on Friday, April 10th. They set a “strong-buy” rating and a $815.00 price target on the stock. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $563.50.

Praxis Precision Medicines Trading Down 6.3%

Shares of NASDAQ:PRAX opened at $295.81 on Wednesday. The stock has a 50 day moving average of $308.21 and a 200 day moving average of $314.35. The company has a market cap of $8.25 billion, a PE ratio of -22.12 and a beta of 2.74. Praxis Precision Medicines has a 12-month low of $37.19 and a 12-month high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.58) by $0.38. Equities research analysts predict that Praxis Precision Medicines will post -14.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total value of $3,611,312.00. Following the sale, the director owned 2,337 shares in the company, valued at $727,554.84. This trade represents a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PRAX. Massachusetts Financial Services Co. MA bought a new position in Praxis Precision Medicines in the 4th quarter worth about $977,000. Geode Capital Management LLC increased its holdings in Praxis Precision Medicines by 23.1% during the 4th quarter. Geode Capital Management LLC now owns 562,379 shares of the company’s stock worth $165,783,000 after purchasing an additional 105,347 shares during the period. Fifth Third Bancorp bought a new stake in Praxis Precision Medicines during the 1st quarter valued at $1,156,000. Swiss National Bank grew its position in shares of Praxis Precision Medicines by 15.3% during the 1st quarter. Swiss National Bank now owns 46,700 shares of the company’s stock worth $15,046,000 after buying an additional 6,200 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Praxis Precision Medicines by 88.0% during the third quarter. JPMorgan Chase & Co. now owns 26,208 shares of the company’s stock valued at $1,389,000 after buying an additional 12,270 shares during the period. 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.