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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been assigned a consensus recommendation of “Moderate Buy” from the nine brokerages that are covering the stock, MarketBeat reports. One analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $149.11.

Several analysts recently issued reports on the company. Oppenheimer increased their target price on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. HC Wainwright reiterated a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. 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, Truist Financial raised their target price on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st.

Praxis Precision Medicines Stock Up 0.5 %

NASDAQ PRAX opened at $76.55 on Wednesday. The company has a market capitalization of $1.43 billion, a P/E ratio of -7.43 and a beta of 2.66. Praxis Precision Medicines has a 52 week low of $33.01 and a 52 week high of $86.93. The stock’s 50-day moving average price is $74.32 and its 200-day moving average price is $66.50.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate 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 period in the prior year, the company posted ($2.70) EPS. Research analysts anticipate that Praxis Precision Medicines will post -10.26 EPS for the current year.

Insider Buying and Selling at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total value of $660,767.80. Following the sale, the general counsel now owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. This represents a 44.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction, the insider now directly owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. This represents a 48.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRAX. JPMorgan Chase & Co. boosted its stake in shares of Praxis Precision Medicines by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company’s stock valued at $450,000 after purchasing an additional 448 shares during the period. Amalgamated Bank purchased a new position in shares of Praxis Precision Medicines during the second quarter worth approximately $25,000. US Bancorp DE raised its stake in shares of Praxis Precision Medicines by 35.9% during the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after acquiring an additional 605 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $48,000. Finally, New York State Common Retirement Fund grew its stake in Praxis Precision Medicines by 12.1% in the fourth quarter. New York State Common Retirement Fund now owns 7,847 shares of the company’s stock worth $604,000 after purchasing an additional 847 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.