Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives $403.80 Consensus PT from Brokerages

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have been given a consensus rating of “Moderate Buy” by the seventeen brokerages that are covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell rating, thirteen have given a buy rating and two have issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $403.80.

Several equities research analysts have weighed in on PRAX shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Praxis Precision Medicines in a research report on Monday. UBS Group set a $750.00 target price on shares of Praxis Precision Medicines in a report on Monday, December 15th. Deutsche Bank Aktiengesellschaft set a $313.00 price target on Praxis Precision Medicines in a report on Friday, December 12th. TD Cowen increased their price objective on Praxis Precision Medicines from $251.00 to $353.00 and gave the stock a “buy” rating in a report on Monday, December 8th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $450.00 price objective on shares of Praxis Precision Medicines in a research report on Friday, December 5th.

Insider Buying and Selling at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 25,130 shares of Praxis Precision Medicines stock in a transaction dated 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 sale, the general counsel owned 20,832 shares of the company’s stock, valued at approximately $4,022,450.88. The trade was a 54.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Lauren Mastrocola sold 13,600 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 10,442 shares in the company, valued at $2,005,699.36. This represents a 56.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.70% of the company’s stock.

Institutional Trading of Praxis Precision Medicines

Large investors have recently bought and sold shares of the company. Woodline Partners LP grew its holdings in shares of Praxis Precision Medicines by 808.9% during the 3rd quarter. Woodline Partners LP now owns 417,669 shares of the company’s stock worth $22,136,000 after acquiring an additional 371,717 shares during the period. Dark Forest Capital Management LP bought a new stake in shares of Praxis Precision Medicines during the third quarter valued at approximately $1,149,000. Alyeska Investment Group L.P. grew its stake in Praxis Precision Medicines by 13.2% in the third quarter. Alyeska Investment Group L.P. now owns 141,516 shares of the company’s stock worth $7,500,000 after purchasing an additional 16,516 shares during the period. Vivo Capital LLC raised its holdings in Praxis Precision Medicines by 18.7% in the third quarter. Vivo Capital LLC now owns 198,895 shares of the company’s stock worth $10,541,000 after purchasing an additional 31,295 shares in the last quarter. Finally, Quarry LP lifted its position in Praxis Precision Medicines by 316.7% during the third quarter. Quarry LP now owns 20,001 shares of the company’s stock valued at $1,060,000 after buying an additional 15,201 shares during the period. 67.84% of the stock is owned by institutional investors.

Praxis Precision Medicines Price Performance

Shares of Praxis Precision Medicines stock opened at $268.95 on Friday. The business’s 50 day simple moving average is $210.93 and its two-hundred day simple moving average is $106.52. The stock has a market capitalization of $6.73 billion, a P/E ratio of -20.85 and a beta of 2.95. Praxis Precision Medicines has a one year low of $26.70 and a one year high of $286.50.

Praxis Precision Medicines (NASDAQ:PRAX) last released 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. Sell-side analysts expect 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.