Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have been assigned a consensus rating of “Moderate Buy” from the eighteen brokerages that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, thirteen have issued a buy recommendation and three have assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $436.6667.

PRAX has been the topic of several recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $460.00 price target on shares of Praxis Precision Medicines in a report on Monday, January 5th. 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. UBS Group set a $750.00 price target on shares of Praxis Precision Medicines in a research report on Monday, December 15th. Chardan Capital upgraded shares of Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, November 19th. Finally, Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a report on Friday, January 2nd.

Insider Buying and Selling at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 25,130 shares of the company’s stock in a transaction dated 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lauren Mastrocola sold 13,600 shares of the stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $192.08, for a total transaction of $2,612,288.00. Following the completion of the transaction, the insider 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 ownership of the stock. The SEC filing for this sale provides additional information. 2.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently made changes to their positions in PRAX. Woodline Partners LP raised its holdings in Praxis Precision Medicines by 808.9% in the third quarter. Woodline Partners LP now owns 417,669 shares of the company’s stock worth $22,136,000 after buying an additional 371,717 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of Praxis Precision Medicines by 13.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock valued at $83,031,000 after acquiring an additional 231,827 shares in the last quarter. Vivo Capital LLC purchased a new position in Praxis Precision Medicines in the 2nd quarter worth approximately $7,048,000. Deerfield Management Company L.P. lifted its position in Praxis Precision Medicines by 22.4% in the 3rd quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock valued at $44,565,000 after acquiring an additional 153,920 shares in the last quarter. Finally, Aberdeen Group plc bought a new position in Praxis Precision Medicines in the 4th quarter valued at approximately $39,788,000. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

NASDAQ PRAX opened at $324.08 on Wednesday. Praxis Precision Medicines has a 1 year low of $26.70 and a 1 year high of $326.91. The stock has a market capitalization of $8.16 billion, a PE ratio of -25.12 and a beta of 2.85. The business’s 50-day moving average is $249.36 and its 200 day moving average is $137.43.

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, topping the consensus estimate of ($3.45) by $0.09. As a group, equities research analysts anticipate that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

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.