Praxis Precision Medicines (NASDAQ:PRAX) Raised to “Strong-Buy” at The Goldman Sachs Group

Praxis Precision Medicines (NASDAQ:PRAX) was upgraded by investment analysts at The Goldman Sachs Group to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

PRAX has been the topic of a number of other reports. Raymond James Financial started coverage on Praxis Precision Medicines in a research report on Friday, April 10th. They set a “strong-buy” rating and a $815.00 target price on the stock. Wedbush reduced their price objective on Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating for the company in a research report on Tuesday, June 2nd. Truist Financial set a $616.00 price objective on Praxis Precision Medicines and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Piper Sandler restated an “overweight” rating on shares of Praxis Precision Medicines in a research report on Monday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Wednesday, May 27th. Five analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $563.50.

Praxis Precision Medicines Price Performance

NASDAQ PRAX opened at $314.56 on Monday. The firm has a market capitalization of $8.77 billion, a price-to-earnings ratio of -23.53 and a beta of 2.74. The company’s fifty day moving average is $312.67 and its two-hundred day moving average is $312.10. Praxis Precision Medicines has a 52-week low of $37.19 and a 52-week high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.58) by $0.38. As a group, sell-side analysts expect that Praxis Precision Medicines will post -14.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the company’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 owned 2,337 shares of the company’s stock, valued at $727,554.84. The trade was a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. NBC Securities Inc. acquired a new stake in Praxis Precision Medicines during the fourth quarter valued at approximately $38,000. Parallel Advisors LLC grew its stake in shares of Praxis Precision Medicines by 3,000.0% in the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock valued at $40,000 after purchasing an additional 120 shares during the period. Danske Bank A S acquired a new position in shares of Praxis Precision Medicines in the 4th quarter worth approximately $59,000. GAMMA Investing LLC raised its holdings in shares of Praxis Precision Medicines by 58.7% in the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after buying an additional 88 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in shares of Praxis Precision Medicines by 24.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after buying an additional 359 shares during the period. 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.