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

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have received an average recommendation of “Moderate Buy” from the nine analysts that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $149.11.

Several equities research analysts have recently commented on the stock. Oppenheimer lifted 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. HC Wainwright reaffirmed a “buy” rating and set 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 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Finally, Truist Financial lifted their target price on Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st.

Praxis Precision Medicines Stock Up 0.5 %

NASDAQ:PRAX opened at $76.55 on Wednesday. The firm has a 50 day moving average of $74.32 and a 200 day moving average of $66.50. Praxis Precision Medicines has a 52 week low of $33.01 and a 52 week high of $86.93. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of -7.43 and a beta of 2.66.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data 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). The business had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. During the same period in the previous year, the business earned ($2.70) EPS. As a group, analysts expect that Praxis Precision Medicines will post -10.26 EPS for the current year.

Insider Activity at Praxis Precision Medicines

In related news, insider Lauren Mastrocola sold 5,188 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the transaction, the insider now directly owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. This trade represents a 48.03 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Alex Nemiroff sold 8,239 shares of the business’s stock in a transaction that occurred 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 sale, the general counsel now owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PRAX. Assenagon Asset Management S.A. boosted its stake in 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 purchasing an additional 548,986 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of 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 purchasing an additional 205,335 shares during the last quarter. Baker BROS. Advisors LP grew its position in shares of Praxis Precision Medicines by 145.6% in the third quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company’s stock valued at $18,591,000 after purchasing an additional 191,572 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Praxis Precision Medicines by 326.9% in the third quarter. Wellington Management Group LLP now owns 219,907 shares of the company’s stock valued at $12,653,000 after purchasing an additional 168,394 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in Praxis Precision Medicines by 37.2% during the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock worth $30,079,000 after buying an additional 141,881 shares in the last quarter. 67.84% of the stock is 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.