Needham & Company LLC Boosts Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $510.00

Praxis Precision Medicines (NASDAQ:PRAX) had its target price lifted by Needham & Company LLC from $460.00 to $510.00 in a report issued on Wednesday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 64.24% from the company’s previous close.

Other analysts have also recently issued research reports about the company. HC Wainwright reiterated a “buy” rating and set a $1,245.00 target price (up previously from $340.00) on shares of Praxis Precision Medicines in a research report on Friday. Piper Sandler restated an “overweight” rating and set a $1,200.00 price target (up previously from $450.00) on shares of Praxis Precision Medicines in a research note on Wednesday, January 28th. BTIG Research reissued a “buy” rating and issued a $843.00 price objective (up from $507.00) on shares of Praxis Precision Medicines in a report on Monday, December 29th. Wedbush raised their target price on shares of Praxis Precision Medicines from $83.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, January 12th. Finally, Citigroup reiterated a “conviction-buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, December 30th. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and a consensus target price of $533.56.

Praxis Precision Medicines Trading Up 0.5%

Shares of NASDAQ:PRAX opened at $310.52 on Wednesday. The firm has a 50 day simple moving average of $274.70 and a 200-day simple moving average of $155.62. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $326.91. The company has a market capitalization of $7.82 billion, a PE ratio of -24.07 and a beta of 2.84.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Wednesday, November 5th. The company reported ($3.36) EPS for the quarter, beating analysts’ consensus estimates of ($3.45) by $0.09. As a group, equities research analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

Insider Buying and Selling at Praxis Precision Medicines

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 13,600 shares of the business’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $192.08, for a total value of $2,612,288.00. Following the transaction, the insider directly owned 10,442 shares of the company’s stock, valued at approximately $2,005,699.36. The trade was a 56.57% 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 25,130 shares of the firm’s stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the completion of the sale, the general counsel owned 20,832 shares of the company’s stock, valued at $4,022,450.88. This trade represents a 54.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRAX. Woodline Partners LP lifted its holdings in shares of Praxis Precision Medicines by 808.9% in the 3rd quarter. Woodline Partners LP now owns 417,669 shares of the company’s stock valued at $22,136,000 after buying an additional 371,717 shares during the period. Pictet Asset Management Holding SA purchased a new position in Praxis Precision Medicines in the fourth quarter worth $71,085,000. Adage Capital Partners GP L.L.C. lifted its holdings in Praxis Precision Medicines by 13.3% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock valued at $83,031,000 after acquiring an additional 231,827 shares during the period. Vanguard Group Inc. boosted its position in shares of Praxis Precision Medicines by 15.3% during the 4th quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company’s stock worth $430,595,000 after purchasing an additional 193,647 shares in the last quarter. Finally, Vivo Capital LLC acquired a new position in shares of Praxis Precision Medicines during the 2nd quarter worth $7,048,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.