Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives $563.50 Consensus PT from Brokerages

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been given a consensus recommendation of “Moderate Buy” by the twenty-two brokerages that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, fifteen have assigned a buy rating and four have assigned a strong buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $563.85.

PRAX has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $374.00 target price (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Oppenheimer restated an “outperform” rating and set a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Truist Financial set a $616.00 target price on Praxis Precision Medicines and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Robert W. Baird decreased their price target on shares of Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating for the company in a research report on Tuesday, June 2nd. Finally, Piper Sandler reissued an “overweight” rating on shares of Praxis Precision Medicines in a research report on Monday, July 13th.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock opened at $370.16 on Friday. Praxis Precision Medicines has a 12-month low of $37.19 and a 12-month high of $382.54. The company has a market capitalization of $10.32 billion, a price-to-earnings ratio of -27.69 and a beta of 2.78. The firm’s fifty day moving average price is $303.77 and its 200 day moving average price is $315.47.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, topping analysts’ consensus estimates of ($3.67) by $0.80. Analysts forecast that Praxis Precision Medicines will post -14.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the firm’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the completion of the transaction, the director directly owned 2,337 shares of the company’s stock, valued at $727,554.84. This trade represents a 83.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Praxis Precision Medicines

Large investors have recently modified their holdings of the stock. Orbis Allan Gray Ltd acquired a new position in shares of Praxis Precision Medicines in the 4th quarter worth approximately $369,946,000. Janus Henderson Group PLC increased its holdings in shares of Praxis Precision Medicines by 17.2% in the 4th quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock valued at $954,834,000 after acquiring an additional 476,227 shares during the last quarter. Barclays PLC raised its position in shares of Praxis Precision Medicines by 592.6% during the 4th quarter. Barclays PLC now owns 530,751 shares of the company’s stock valued at $156,434,000 after acquiring an additional 454,114 shares in the last quarter. Baker BROS. Advisors LP raised its position in shares of Praxis Precision Medicines by 63.4% during the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock valued at $332,021,000 after acquiring an additional 437,000 shares in the last quarter. Finally, Perceptive Advisors LLC lifted its stake in Praxis Precision Medicines by 27.6% during the fourth quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock worth $588,297,000 after purchasing an additional 431,432 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

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.