Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives $146.33 Average PT from Brokerages

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been assigned an average recommendation of “Moderate Buy” from the nine analysts that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $146.33.

A number of equities research analysts recently weighed in on the stock. Oppenheimer boosted their price target on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Needham & Company LLC reissued a “buy” rating and issued a $151.00 target price on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Finally, HC Wainwright restated a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, December 12th.

Insider Activity at Praxis Precision Medicines

In other news, insider Lauren Mastrocola sold 5,188 shares of the firm’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction of $660,767.80. Following the completion of the sale, the general counsel now directly owns 10,301 shares in the company, valued at approximately $826,140.20. The trade was a 44.44 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by insiders.

Institutional Trading of Praxis Precision Medicines

Several hedge funds have recently modified their holdings of PRAX. Franklin Resources Inc. lifted its stake in shares of Praxis Precision Medicines by 85.6% in the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after purchasing an additional 205,335 shares during the period. Baker BROS. Advisors LP increased its holdings in Praxis Precision Medicines by 145.6% in the third quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company’s stock valued at $18,591,000 after buying an additional 191,572 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Praxis Precision Medicines by 326.9% during the 3rd quarter. Wellington Management Group LLP now owns 219,907 shares of the company’s stock valued at $12,653,000 after acquiring an additional 168,394 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Praxis Precision Medicines by 37.2% during the 3rd quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock worth $30,079,000 after acquiring an additional 141,881 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of Praxis Precision Medicines by 105.2% in the 2nd quarter. Marshall Wace LLP now owns 248,381 shares of the company’s stock worth $10,273,000 after acquiring an additional 127,357 shares during the period. 67.84% of the stock is owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Down 3.3 %

PRAX stock opened at $78.29 on Friday. The business has a 50 day moving average price of $74.81 and a 200 day moving average price of $62.65. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of -7.60 and a beta of 2.66. Praxis Precision Medicines has a fifty-two week low of $26.11 and a fifty-two week high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data 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). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The company had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.53 million. During the same period in the previous year, the business posted ($2.70) EPS. As a group, sell-side analysts anticipate that Praxis Precision Medicines will post -10.26 EPS for the current 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.