Brokerages Set Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Price Target at $436.67

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been given an average rating of “Moderate Buy” by the eighteen analysts that are presently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $436.6667.

A number of analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft set a $313.00 price target on Praxis Precision Medicines in a research note on Friday, December 12th. BTIG Research reissued a “buy” rating and set a $843.00 target price (up previously from $507.00) on shares of Praxis Precision Medicines in a research report on Monday, December 29th. Chardan Capital upgraded Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, November 19th. Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a research note on Friday, January 2nd. Finally, HC Wainwright reissued a “buy” rating on shares of Praxis Precision Medicines in a report on Tuesday, December 30th.

Insider Buying and Selling at Praxis Precision Medicines

In related news, insider Lauren Mastrocola sold 13,600 shares of Praxis Precision Medicines stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $192.08, for a total transaction of $2,612,288.00. Following the sale, the insider directly owned 10,442 shares in the company, valued at $2,005,699.36. This trade represents a 56.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Alex Nemiroff sold 25,130 shares of the company’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the completion of the transaction, the general counsel owned 20,832 shares of the company’s stock, valued at $4,022,450.88. This represents a 54.68% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in Praxis Precision Medicines by 58.7% in the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after purchasing an additional 88 shares during the period. Legal & General Group Plc raised its stake in shares of Praxis Precision Medicines by 0.9% during the 3rd quarter. Legal & General Group Plc now owns 16,824 shares of the company’s stock worth $892,000 after buying an additional 154 shares in the last quarter. Creative Planning lifted its holdings in shares of Praxis Precision Medicines by 2.5% in the 3rd quarter. Creative Planning now owns 6,660 shares of the company’s stock valued at $353,000 after buying an additional 165 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Praxis Precision Medicines by 88.3% in the second quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after buying an additional 295 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after acquiring an additional 359 shares during the period. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Up 6.6%

Shares of Praxis Precision Medicines stock opened at $317.25 on Wednesday. Praxis Precision Medicines has a 52-week low of $26.70 and a 52-week high of $326.91. The company has a market capitalization of $7.99 billion, a P/E ratio of -24.59 and a beta of 2.85. The company has a 50 day moving average of $243.56 and a 200 day moving average of $132.35.

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

Praxis Precision Medicines Company Profile

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.