Praxis Precision Medicines (NASDAQ:PRAX) Trading Up 8.5% on Analyst Upgrade

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price traded up 8.5% on Tuesday after Truist Financial raised their price target on the stock from $150.00 to $175.00. Truist Financial currently has a buy rating on the stock. Praxis Precision Medicines traded as high as $75.78 and last traded at $76.55. 138,398 shares traded hands during trading, a decline of 54% from the average session volume of 301,827 shares. The stock had previously closed at $70.54.

A number of other equities research analysts have also recently commented on PRAX. Oppenheimer lifted their target price on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. HC Wainwright reiterated a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.11.

Insider Buying and Selling at Praxis Precision Medicines

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $81.78, for a total transaction of $424,274.64. Following the completion of the transaction, the insider now owns 5,613 shares of the company’s stock, valued at $459,031.14. The trade was a 48.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $80.20, for a total value of $660,767.80. Following the transaction, the general counsel now directly owns 10,301 shares of the company’s stock, valued at $826,140.20. The trade was a 44.44 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

Institutional Trading of Praxis Precision Medicines

A number of large investors have recently modified their holdings of PRAX. Amalgamated Bank bought a new stake in shares of Praxis Precision Medicines during the 2nd quarter valued at about $25,000. Quarry LP bought a new stake in shares of Praxis Precision Medicines during the 2nd quarter valued at about $83,000. US Bancorp DE boosted its position in shares of Praxis Precision Medicines by 35.9% during the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after acquiring an additional 605 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Praxis Precision Medicines during the 3rd quarter valued at about $217,000. Finally, Mesirow Financial Investment Management Inc. bought a new stake in shares of Praxis Precision Medicines during the 3rd quarter valued at about $231,000. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Performance

The stock has a market cap of $1.48 billion, a P/E ratio of -7.73 and a beta of 2.66. The stock has a 50-day moving average price of $74.01 and a 200-day moving average price of $65.10.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.74). The firm had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. During the same quarter in the previous year, the firm earned ($2.70) EPS. Sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.