Praxis Precision Medicines (NASDAQ:PRAX) Shares Up 8.5% Following Analyst Upgrade

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price was up 8.5% during trading on Tuesday after Truist Financial raised their price target on the stock from $150.00 to $175.00. Truist Financial currently has a buy rating on the stock. Praxis Precision Medicines traded as high as $75.78 and last traded at $76.55. Approximately 138,398 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 301,827 shares. The stock had previously closed at $70.54.

A number of other brokerages have also recently issued reports on PRAX. Oppenheimer increased their target price on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a 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 reissued a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $149.11.

Insider Buying and Selling

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total value of $660,767.80. Following the transaction, the general counsel now directly owns 10,301 shares in the company, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lauren Mastrocola sold 5,188 shares of the 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 transaction, the insider now owns 5,613 shares in the company, valued at $459,031.14. The trade was 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 corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its position in Praxis Precision Medicines by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company’s stock valued at $450,000 after buying an additional 448 shares during the last quarter. Amalgamated Bank bought a new position in shares of Praxis Precision Medicines in the 2nd quarter worth $25,000. US Bancorp DE boosted its position in shares of Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after purchasing an additional 605 shares during the last quarter. Quarry LP bought a new position in shares of Praxis Precision Medicines in the 2nd quarter worth $83,000. Finally, Intech Investment Management LLC bought a new position in shares of Praxis Precision Medicines in the 3rd quarter worth $217,000. 67.84% of the stock is currently owned by institutional investors.

Praxis Precision Medicines Stock Performance

The firm has a market capitalization of $1.46 billion, a P/E ratio of -7.60 and a beta of 2.66. The company has a 50-day moving average price of $74.15 and a 200-day moving average price of $64.73.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly 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 the consensus estimate of $0.53 million. During the same quarter in the prior year, the business earned ($2.70) earnings per share. Equities analysts predict that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current year.

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.