Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives $146.33 Consensus Price Target from Analysts

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the nine analysts that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $146.33.

PRAX has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a "buy" rating and set a $151.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Oppenheimer upped their price target on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an "outperform" rating in a research report on Thursday, October 31st. Finally, HC Wainwright reaffirmed a "buy" rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, December 12th.

Praxis Precision Medicines Stock Performance

NASDAQ PRAX traded up $1.41 during mid-day trading on Friday, reaching $80.93. 269,608 shares of the stock were exchanged, compared to its average volume of 309,654. The stock has a market capitalization of $1.51 billion, a PE ratio of -7.86 and a beta of 2.67. Praxis Precision Medicines has a 1-year low of $23.54 and a 1-year high of $86.93. The business's fifty day simple moving average is $74.68 and its 200 day simple moving average is $62.21.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing analysts' consensus estimates of ($2.01) by ($0.74). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The business had revenue of $0.30 million during the quarter, compared to analysts' expectations of $0.53 million. During the same period in the prior year, the firm earned ($2.70) EPS. On average, analysts anticipate that Praxis Precision Medicines will post -10.26 EPS for the current year.

Insider Transactions at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $80.20, for a total value of $660,767.80. Following the completion of the sale, the general counsel now owns 10,301 shares in the company, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lauren Mastrocola sold 5,188 shares of the firm's stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the sale, the insider now owns 5,613 shares in the company, valued at approximately $459,031.14. The trade was a 48.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.70% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRAX. CIBC Asset Management Inc boosted its holdings in Praxis Precision Medicines by 29.2% in the third quarter. CIBC Asset Management Inc now owns 248,939 shares of the company's stock valued at $14,324,000 after purchasing an additional 56,272 shares during the last quarter. Barclays PLC boosted its stake in shares of Praxis Precision Medicines by 126.8% during the 3rd quarter. Barclays PLC now owns 37,130 shares of the company's stock valued at $2,136,000 after buying an additional 20,759 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Praxis Precision Medicines by 85.6% during the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company's stock valued at $25,619,000 after buying an additional 205,335 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Praxis Precision Medicines by 369.4% during the third quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company's stock worth $548,000 after buying an additional 7,496 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Praxis Precision Medicines by 523.2% in the second quarter. Renaissance Technologies LLC now owns 75,433 shares of the company's stock worth $3,120,000 after buying an additional 63,329 shares during the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.