Praxis Precision Medicines’ (PRAX) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a $150.00 price target on the stock.

PRAX has been the subject of a number of other research reports. Truist Financial increased their target price on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. HC Wainwright reiterated a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Finally, Oppenheimer upped 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. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $149.00.

Praxis Precision Medicines Trading Down 2.3 %

Shares of NASDAQ:PRAX opened at $84.85 on Monday. The firm has a market cap of $1.58 billion, a PE ratio of -8.24 and a beta of 2.65. The company has a fifty day simple moving average of $75.12 and a 200 day simple moving average of $67.72. Praxis Precision Medicines has a 12-month low of $33.01 and a 12-month high of $90.33.

Insider Transactions at Praxis Precision Medicines

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

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. acquired a new position in Praxis Precision Medicines in the 4th quarter valued at approximately $48,000. US Bancorp DE grew 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 valued at $132,000 after acquiring an additional 605 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of Praxis Precision Medicines in the third quarter worth $217,000. Mesirow Financial Investment Management Inc. purchased a new stake in shares of Praxis Precision Medicines during the third quarter worth $231,000. Finally, Glenmede Trust Co. NA acquired a new stake in Praxis Precision Medicines during the third quarter valued at $240,000. 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.