Praxis Precision Medicines (NASDAQ:PRAX) Price Target Raised to $175.00

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

Several other equities research analysts have also recently commented on PRAX. HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Oppenheimer raised their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and an average target price of $149.11.

Praxis Precision Medicines Trading Down 2.5 %

Shares of PRAX stock opened at $77.60 on Tuesday. The stock has a 50-day moving average of $74.02 and a 200-day moving average of $65.19. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -7.53 and a beta of 2.66. Praxis Precision Medicines has a 1-year low of $33.01 and a 1-year high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.74). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The firm had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. During the same period in the prior year, the company posted ($2.70) earnings per share. Sell-side analysts forecast 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, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total transaction of $424,274.64. Following the transaction, the insider now owns 5,613 shares of the company’s stock, valued at $459,031.14. This trade represents a 48.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction that occurred 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 sale, the general counsel now directly owns 10,301 shares of the company’s stock, valued at $826,140.20. The trade was a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional 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 valued at $43,027,000 after acquiring an additional 548,986 shares during the period. Franklin Resources Inc. grew its holdings in Praxis Precision Medicines by 85.6% during the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after purchasing an additional 205,335 shares during the period. Baker BROS. Advisors LP increased its position in Praxis Precision Medicines by 145.6% in the third quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company’s stock worth $18,591,000 after buying an additional 191,572 shares during the last quarter. Wellington Management Group LLP lifted 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 buying an additional 168,394 shares during the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of Praxis Precision Medicines by 37.2% during the 3rd quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock worth $30,079,000 after acquiring an additional 141,881 shares during the period. Institutional investors own 67.84% of the company’s stock.

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.