Praxis Precision Medicines (NASDAQ:PRAX) Given New $582.00 Price Target at Needham & Company LLC

Praxis Precision Medicines (NASDAQ:PRAX) had its price target boosted by Needham & Company LLC from $575.00 to $582.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 56.74% from the stock’s current price.

PRAX has been the subject of several other reports. Piper Sandler reaffirmed an “overweight” rating on shares of Praxis Precision Medicines in a research note on Monday, July 13th. Jefferies Financial Group reiterated a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, May 7th. Truist Financial set a $616.00 price target on Praxis Precision Medicines and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Oppenheimer reaffirmed an “outperform” rating and set a $650.00 price target (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Finally, HC Wainwright lowered their price objective on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating on the stock in a research report on Tuesday, June 2nd. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $563.85.

Praxis Precision Medicines Trading Up 16.3%

Shares of NASDAQ PRAX traded up $52.08 during trading hours on Thursday, reaching $371.31. The stock had a trading volume of 1,003,473 shares, compared to its average volume of 473,024. The firm has a market cap of $10.35 billion, a price-to-earnings ratio of -27.82 and a beta of 2.78. Praxis Precision Medicines has a fifty-two week low of $37.19 and a fifty-two week high of $382.54. The firm has a 50-day moving average of $303.42 and a 200-day moving average of $315.10.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.67) by $0.80. On average, equities analysts predict that Praxis Precision Medicines will post -14.82 EPS for the current year.

Insider Buying and Selling

In other news, Director Jill Desimone sold 11,600 shares of the firm’s 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 completion of the sale, the director directly owned 2,337 shares in the company, valued at approximately $727,554.84. This trade represents a 83.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds have recently bought and sold shares of the company. Swiss National Bank raised its position in shares of Praxis Precision Medicines by 15.3% in the first quarter. Swiss National Bank now owns 46,700 shares of the company’s stock valued at $15,046,000 after buying an additional 6,200 shares in the last quarter. Fifth Third Bancorp acquired a new position in shares of Praxis Precision Medicines in the first quarter valued at approximately $1,156,000. Massachusetts Financial Services Co. MA bought a new stake in Praxis Precision Medicines in the fourth quarter valued at approximately $977,000. Geode Capital Management LLC boosted its position in Praxis Precision Medicines by 23.1% during the fourth quarter. Geode Capital Management LLC now owns 562,379 shares of the company’s stock valued at $165,783,000 after acquiring an additional 105,347 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Praxis Precision Medicines by 88.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 26,208 shares of the company’s stock valued at $1,389,000 after acquiring an additional 12,270 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.