Brokerages Set Praxis Precision Medicines, Inc. (NASDAQ:PRAX) PT at $533.56

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has received a consensus recommendation of “Moderate Buy” from the eighteen research firms that are presently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation, twelve have assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $536.0625.

PRAX has been the topic of a number of research analyst reports. Jefferies Financial Group reiterated a “buy” rating and set a $450.00 price target (up previously from $300.00) on shares of Praxis Precision Medicines in a report on Tuesday, December 9th. Wells Fargo & Company started coverage on Praxis Precision Medicines in a research note on Monday, February 2nd. They set an “equal weight” rating and a $282.00 target price on the stock. Chardan Capital raised shares of Praxis Precision Medicines to a “strong-buy” rating in a research report on Wednesday, November 19th. Citigroup reaffirmed a “conviction-buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, December 30th. Finally, Guggenheim reiterated a “buy” rating and issued a $800.00 price objective (up previously from $760.00) on shares of Praxis Precision Medicines in a research note on Tuesday.

Praxis Precision Medicines Stock Performance

NASDAQ PRAX opened at $320.48 on Friday. The firm’s 50 day moving average price is $287.32 and its two-hundred day moving average price is $164.66. Praxis Precision Medicines has a twelve month low of $26.70 and a twelve month high of $328.60. The stock has a market cap of $8.07 billion, a price-to-earnings ratio of -24.84 and a beta of 2.84.

Insiders Place Their Bets

In other news, 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 value of $4,852,351.70. Following the transaction, the general counsel directly owned 20,832 shares of the company’s stock, valued at approximately $4,022,450.88. This represents a 54.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 value of $2,612,288.00. Following the sale, 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Praxis Precision Medicines

Several institutional investors have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. increased 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 worth $83,031,000 after buying an additional 231,827 shares during the last quarter. Vanguard Group Inc. grew its position in Praxis Precision Medicines by 15.3% in the fourth quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company’s stock worth $430,595,000 after acquiring an additional 193,647 shares in the last quarter. Deerfield Management Company L.P. grew its position in Praxis Precision Medicines by 22.4% in the third quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock worth $44,565,000 after acquiring an additional 153,920 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Praxis Precision Medicines by 20.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 716,184 shares of the company’s stock worth $211,088,000 after purchasing an additional 123,163 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Praxis Precision Medicines by 23.1% during the 4th quarter. Geode Capital Management LLC now owns 562,379 shares of the company’s stock valued at $165,783,000 after purchasing an additional 105,347 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.