Truist Financial Issues Positive Forecast for Praxis Precision Medicines (NASDAQ:PRAX) Stock Price

Praxis Precision Medicines (NASDAQ:PRAX) had its price target hoisted by Truist Financial from $150.00 to $175.00 in a research report released on Tuesday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other brokerages have also recently issued reports on PRAX. Needham & Company LLC reissued a “buy” rating and set a $151.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 7th. HC Wainwright restated a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Finally, Oppenheimer upped their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and an average target price of $149.11.

Praxis Precision Medicines Stock Up 10.9 %

NASDAQ PRAX opened at $78.26 on Tuesday. Praxis Precision Medicines has a twelve month low of $33.01 and a twelve month high of $86.93. The stock has a market cap of $1.46 billion, a P/E ratio of -7.60 and a beta of 2.66. The company’s 50-day simple moving average is $74.15 and its 200 day simple moving average is $64.73.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data 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 company had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. During the same quarter in the prior year, the company posted ($2.70) earnings per share. Research analysts anticipate that Praxis Precision Medicines will post -10.26 earnings per share for the current year.

Insider Activity at Praxis Precision Medicines

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 business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $81.78, for a total value of $424,274.64. Following 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. 2.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PRAX. Assenagon Asset Management S.A. grew its position in shares of Praxis Precision Medicines by 5,437.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock worth $43,027,000 after buying an additional 548,986 shares during the period. Franklin Resources Inc. grew its holdings in Praxis Precision Medicines by 85.6% during the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock worth $25,619,000 after acquiring an additional 205,335 shares during the period. Baker BROS. Advisors LP grew its holdings 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 worth $18,591,000 after acquiring an additional 191,572 shares during the period. Wellington Management Group LLP raised its position in shares of Praxis Precision Medicines by 326.9% during the 3rd quarter. Wellington Management Group LLP now owns 219,907 shares of the company’s stock valued at $12,653,000 after acquiring an additional 168,394 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake 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 valued at $30,079,000 after purchasing an additional 141,881 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.