Brokerages Set Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Price Target at $146.33

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have been assigned an average recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $146.33.

A number of research firms have commented on PRAX. Guggenheim lifted their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Oppenheimer upped their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. HC Wainwright reissued a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Finally, Wedbush raised their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, August 14th.

Insider Buying and Selling at Praxis Precision Medicines

In related news, insider Lauren Mastrocola sold 5,188 shares of the 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 sale, the insider now owns 5,613 shares in the company, valued at approximately $459,031.14. This trade represents a 48.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Alex Nemiroff sold 8,239 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total value of $660,767.80. Following the completion of the transaction, the general counsel now directly owns 10,301 shares in the company, valued at approximately $826,140.20. This represents a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors have recently bought and sold shares of PRAX. Price T Rowe Associates Inc. MD bought a new stake in Praxis Precision Medicines in the 1st quarter worth approximately $32,707,000. Vanguard Group Inc. grew its holdings in shares of Praxis Precision Medicines by 100.6% in the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after purchasing an additional 373,131 shares in the last quarter. CIBC Asset Management Inc increased its position in Praxis Precision Medicines by 29.2% in the third quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock worth $14,324,000 after purchasing an additional 56,272 shares during the last quarter. Renaissance Technologies LLC raised its stake in Praxis Precision Medicines by 523.2% during the second quarter. Renaissance Technologies LLC now owns 75,433 shares of the company’s stock valued at $3,120,000 after purchasing an additional 63,329 shares in the last quarter. Finally, TD Asset Management Inc lifted its position in Praxis Precision Medicines by 46.6% during the second quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock valued at $2,122,000 after purchasing an additional 16,312 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock opened at $72.75 on Friday. Praxis Precision Medicines has a one year low of $14.77 and a one year high of $86.93. The business’s fifty day moving average is $67.52 and its 200 day moving average is $55.26. The stock has a market capitalization of $1.36 billion, a PE ratio of -7.06 and a beta of 2.67.

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

About Praxis Precision Medicines

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.