Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has received a consensus recommendation of “Moderate Buy” from the nine analysts that are covering the firm, Marketbeat.com 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 target price among brokerages that have updated their coverage on the stock in the last year is $146.33.

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

Insider Activity

In related 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 transaction of $424,274.64. Following the completion of the sale, the insider now directly owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. This trade represents a 48.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total transaction of $660,767.80. Following the completion of the transaction, the general counsel now owns 10,301 shares in the company, valued at $826,140.20. This represents 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 Investors Weigh In On Praxis Precision Medicines

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

Praxis Precision Medicines Trading Down 5.0 %

NASDAQ PRAX opened at $73.68 on Friday. The business’s 50-day moving average price is $75.01 and its 200 day moving average price is $62.97. Praxis Precision Medicines has a twelve month low of $31.26 and a twelve month high of $86.93. The company has a market capitalization of $1.37 billion, a PE ratio of -7.15 and a beta of 2.66.

Praxis Precision Medicines (NASDAQ:PRAX) last released 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 return on equity of 54.86% and a negative net margin of 9,409.22%. The company had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. During the same period in the prior year, the business posted ($2.70) earnings per share. Equities analysts predict 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.