Praxis Precision Medicines (NASDAQ:PRAX) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Praxis Precision Medicines (NASDAQ:PRAX) from a sell rating to a hold rating in a research report report published on Saturday morning.

A number of other equities analysts have also recently weighed in on the stock. HC Wainwright lowered their price target on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating on the stock in a research note on Tuesday, June 2nd. Oppenheimer reissued 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. Needham & Company LLC upped their target price on shares of Praxis Precision Medicines from $575.00 to $582.00 and gave the stock a “buy” rating in a research report on Thursday. Truist Financial set a $616.00 price target on shares of Praxis Precision Medicines and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Finally, Raymond James Financial initiated coverage on Praxis Precision Medicines in a research note on Friday, April 10th. They set a “strong-buy” rating and a $815.00 price target on the stock. Four research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $573.05.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock opened at $360.76 on Friday. Praxis Precision Medicines has a 1-year low of $37.19 and a 1-year high of $382.54. The company has a market cap of $10.06 billion, a PE ratio of -27.90 and a beta of 2.78. The stock’s 50 day moving average price is $303.99 and its 200 day moving average price is $315.79.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.67) by $0.80. On average, equities research analysts anticipate that Praxis Precision Medicines will post -14.37 EPS for the current fiscal year.

Insider Activity

In related news, Director Jill Desimone sold 11,600 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total value of $3,611,312.00. Following the sale, the director directly owned 2,337 shares in the company, valued at $727,554.84. The trade was a 83.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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

Several hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its holdings in shares of Praxis Precision Medicines by 10.3% in the second quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock valued at $111,000 after purchasing an additional 31 shares in the last quarter. GF Fund Management CO. LTD. increased its stake in shares of Praxis Precision Medicines by 8.2% during the 4th quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock worth $144,000 after purchasing an additional 37 shares in the last quarter. KBC Group NV raised its position in shares of Praxis Precision Medicines by 5.8% during the 1st quarter. KBC Group NV now owns 715 shares of the company’s stock worth $230,000 after purchasing an additional 39 shares during the last quarter. Carl P. Sherr & Co. LLC raised its position in shares of Praxis Precision Medicines by 8.4% during the 1st quarter. Carl P. Sherr & Co. LLC now owns 972 shares of the company’s stock worth $313,000 after purchasing an additional 75 shares during the last quarter. Finally, CWM LLC lifted its stake in Praxis Precision Medicines by 15.5% in the 4th quarter. CWM LLC now owns 874 shares of the company’s stock valued at $258,000 after buying an additional 117 shares in the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Praxis Precision Medicines

Here are the key news stories impacting Praxis Precision Medicines this week:

• Positive Sentiment: Praxis said it expects two FDA decisions within roughly six months and is targeting approximately $10 billion in peak sales for ulixacaltamide. The company is also preparing a commercial organization of about 300 field employees, signaling confidence in the drug’s market potential. Praxis signals two FDA decisions and targets $10 billion in peak sales
• Positive Sentiment: Management’s planned commercial launch could exceed expectations if regulatory approvals are secured and adoption develops as projected, strengthening the long-term growth narrative for PRAX. Praxis commercial launch could smash expectations
• Positive Sentiment: Praxis reported a second-quarter loss of $2.87 per share, narrower than the $3.67 analyst consensus, providing a better-than-expected earnings result. Needham & Company also raised its price target from $575 to $582 and maintained a Buy rating. Needham raises Praxis price target Praxis corporate update and second-quarter results
• Neutral Sentiment: The company remains unprofitable and expects a full-year loss, while building a sizeable commercial infrastructure ahead of potential approvals. Those investments could increase expenses before product revenue begins.
• Negative Sentiment: With PRAX near its 52-week high, a market capitalization above $10 billion, and a high beta, the stock is vulnerable to valuation-driven profit-taking. Investors may also be locking in gains while awaiting the FDA decisions and clearer evidence of launch execution.

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.