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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been assigned a consensus recommendation of “Moderate Buy” from the nine brokerages that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $146.33.

Several research analysts recently issued reports on PRAX shares. HC Wainwright reissued a “buy” rating and issued a $120.00 price target 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, Oppenheimer raised 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.

Insider Activity at Praxis Precision Medicines

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRAX. JPMorgan Chase & Co. raised its position 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 worth $450,000 after acquiring an additional 448 shares during the last quarter. Amalgamated Bank acquired a new stake in Praxis Precision Medicines in the second quarter worth about $25,000. US Bancorp DE raised its holdings in 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 purchasing an additional 605 shares during the last quarter. Quarry LP acquired a new position in Praxis Precision Medicines during the 2nd quarter valued at about $83,000. Finally, Intech Investment Management LLC bought a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at about $217,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Trading Up 1.8 %

Shares of NASDAQ:PRAX opened at $80.93 on Friday. The firm has a market capitalization of $1.51 billion, a PE ratio of -7.86 and a beta of 2.67. Praxis Precision Medicines has a 1-year low of $23.54 and a 1-year high of $86.93. The business’s 50 day moving average is $74.49 and its 200-day moving average is $61.73.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.53 million. During the same quarter in the prior year, the firm earned ($2.70) EPS. On average, sell-side analysts predict that Praxis Precision Medicines 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.