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

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

PRAX has been the topic of several recent research reports. Oppenheimer upped their price target on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. HC Wainwright reissued a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Wedbush increased their target price on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. Needham & Company LLC reissued a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Finally, Guggenheim increased 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 note on Wednesday, August 14th.

Praxis Precision Medicines Stock Performance

NASDAQ:PRAX opened at $71.76 on Friday. Praxis Precision Medicines has a one year low of $13.98 and a one year high of $86.93. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of -6.97 and a beta of 2.67. The firm’s fifty day moving average is $67.00 and its two-hundred day moving average is $55.01.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) 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 business had revenue of $0.30 million during the quarter, compared to analysts’ expectations of $0.53 million. During the same period in the previous year, the company posted ($2.70) earnings per share. As a group, equities research analysts predict that Praxis Precision Medicines will post -10.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $80.20, for a total value of $660,767.80. Following the completion of the sale, the general counsel now owns 10,301 shares in the company, valued at approximately $826,140.20. This represents a 44.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lauren Mastrocola sold 5,188 shares of the stock in a transaction dated 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 owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. The trade was a 48.03 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

Institutional Trading of Praxis Precision Medicines

Hedge funds have recently bought and sold shares of the business. Amalgamated Bank acquired a new stake in Praxis Precision Medicines in the 2nd quarter valued at about $25,000. Quarry LP acquired a new stake in shares of Praxis Precision Medicines during the 2nd quarter worth approximately $83,000. US Bancorp DE increased its holdings in shares of Praxis Precision Medicines by 35.9% during the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after buying an additional 605 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Praxis Precision Medicines during the 1st quarter worth approximately $150,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Praxis Precision Medicines during the 3rd quarter worth approximately $217,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

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.