Wedbush Forecasts Strong Price Appreciation for Praxis Precision Medicines (NASDAQ:PRAX) Stock

Praxis Precision Medicines (NASDAQ:PRAX) had its price target increased by stock analysts at Wedbush from $83.00 to $95.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “underperform” rating on the stock. Wedbush’s target price would suggest a potential downside of 67.07% from the stock’s current price.

PRAX has been the subject of a number of other research reports. Truist Financial boosted their price target on Praxis Precision Medicines from $360.00 to $500.00 and gave the company a “buy” rating in a research note on Monday, December 8th. Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a report on Friday, January 2nd. Chardan Capital upgraded shares of Praxis Precision Medicines to a “strong-buy” rating in a research report on Wednesday, November 19th. Guggenheim restated a “buy” rating on shares of Praxis Precision Medicines in a research report on Monday, December 29th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $750.00 target price (up previously from $250.00) on shares of Praxis Precision Medicines in a research note on Monday, December 15th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Praxis Precision Medicines currently has a consensus rating of “Moderate Buy” and an average target price of $436.67.

Praxis Precision Medicines Trading Down 2.0%

Shares of NASDAQ PRAX opened at $288.45 on Monday. The business’s 50 day moving average is $231.34 and its 200-day moving average is $124.77. Praxis Precision Medicines has a 1-year low of $26.70 and a 1-year high of $317.72. The firm has a market cap of $7.27 billion, a P/E ratio of -22.36 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.45) by $0.09. Analysts forecast that Praxis Precision Medicines will post -10.22 EPS for the current year.

Insider Buying and Selling at Praxis Precision Medicines

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 13,600 shares of the company’s 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 owned 10,442 shares of the company’s stock, valued at approximately $2,005,699.36. This represents a 56.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Alex Nemiroff sold 25,130 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $193.09, for a total value of $4,852,351.70. Following the sale, the general counsel directly 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 insiders.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently modified their holdings of the company. Congress Asset Management Co. bought a new stake in shares of Praxis Precision Medicines during the third quarter worth about $1,613,000. Vivo Capital LLC bought a new stake in Praxis Precision Medicines during the second quarter worth $7,048,000. Aberdeen Group plc boosted its holdings in shares of Praxis Precision Medicines by 143.5% in the 2nd quarter. Aberdeen Group plc now owns 214,056 shares of the company’s stock worth $9,001,000 after buying an additional 126,153 shares during the last quarter. Kennedy Capital Management LLC grew its position in Praxis Precision Medicines by 7.9% during the second quarter. Kennedy Capital Management LLC now owns 70,445 shares of the company’s stock valued at $2,962,000 after buying an additional 5,180 shares during the period. Finally, Swiss National Bank increased its holdings in Praxis Precision Medicines by 13.7% during the second quarter. Swiss National Bank now owns 30,800 shares of the company’s stock worth $1,295,000 after buying an additional 3,700 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.