Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives Consensus Rating of “Moderate Buy” from Analysts

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has earned an average recommendation of “Moderate Buy” from the nine analysts that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $149.11.

Several equities analysts have recently commented on the stock. Truist Financial boosted their target price on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. 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 research note on Thursday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Finally, 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.

Insider Transactions at Praxis Precision Medicines

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

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. grew 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 acquiring an additional 448 shares in the last quarter. Amalgamated Bank acquired a new position in shares of Praxis Precision Medicines during the second quarter worth about $25,000. US Bancorp DE grew its position 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 worth $132,000 after buying an additional 605 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Praxis Precision Medicines during the fourth quarter worth about $48,000. Finally, Quarry LP acquired a new position in shares of Praxis Precision Medicines during the second quarter worth about $83,000. 67.84% of the stock is owned by institutional investors and hedge funds.

Praxis Precision Medicines Trading Up 2.8 %

Shares of NASDAQ PRAX opened at $75.36 on Wednesday. The firm has a 50 day moving average of $74.22 and a 200 day moving average of $66.03. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of -7.32 and a beta of 2.66. Praxis Precision Medicines has a 12-month low of $33.01 and a 12-month high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its 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). The business had revenue of $0.30 million for 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 last year, the firm posted ($2.70) earnings per share. Sell-side analysts predict that Praxis Precision Medicines will post -10.26 EPS for the current year.

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.