Analysts Set Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Price Target at $569.63

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been assigned an average rating of “Moderate Buy” from the twenty-one research firms that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, one has given a hold recommendation, fourteen have given a buy recommendation and four have given a strong buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $569.6316.

PRAX has been the topic of several recent analyst reports. BTIG Research restated a “buy” rating and set a $810.00 price objective (down from $843.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. HC Wainwright lowered their target price on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating for the company in a report on Tuesday, June 2nd. Oppenheimer reissued an “outperform” rating and set a $650.00 price target (down from $750.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Finally, Royal Bank Of Canada initiated coverage on shares of Praxis Precision Medicines in a report on Wednesday, June 17th. They set an “outperform” rating and a $449.00 price target on the stock.

Insider Buying and Selling at Praxis Precision Medicines

In other news, Director Jill Desimone sold 11,600 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total value of $3,611,312.00. Following the transaction, the director owned 2,337 shares in the company, valued at $727,554.84. The trade was a 83.23% decrease in their position. The sale 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 insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PRAX. Janus Henderson Group PLC grew its stake in Praxis Precision Medicines by 6.8% in the 1st quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock valued at $1,113,514,000 after purchasing an additional 218,777 shares during the period. Perceptive Advisors LLC raised its stake in shares of Praxis Precision Medicines by 2.0% during the 1st quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock worth $655,974,000 after purchasing an additional 40,000 shares during the period. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Praxis Precision Medicines by 13.3% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock worth $83,031,000 after buying an additional 231,827 shares during the last quarter. Vanguard Group Inc. grew its position in Praxis Precision Medicines by 15.3% during the fourth quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company’s stock valued at $430,595,000 after buying an additional 193,647 shares during the period. Finally, Orbis Allan Gray Ltd bought a new position in Praxis Precision Medicines during the fourth quarter valued at about $369,946,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Performance

Shares of PRAX opened at $324.99 on Wednesday. The firm has a market capitalization of $9.06 billion, a P/E ratio of -24.31 and a beta of 2.74. Praxis Precision Medicines has a 52 week low of $37.19 and a 52 week high of $366.52. The stock has a 50 day moving average price of $312.75 and a two-hundred day moving average price of $311.82.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.58) by $0.38. On average, equities analysts forecast that Praxis Precision Medicines will post -14.82 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.