Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives $149.11 Average Target Price from Analysts

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) has been given a consensus rating of "Moderate Buy" by the nine research firms that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $149.11.

A number of equities analysts have recently weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Oppenheimer increased their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an "outperform" rating in a report on Thursday, October 31st. HC Wainwright reissued a "buy" rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Finally, Truist Financial raised their price objective on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a "buy" rating in a research note on Tuesday, January 21st.

Insider Buying and Selling at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 8,239 shares of the business's stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total transaction of $660,767.80. Following the completion of the sale, the general counsel now directly owns 10,301 shares of the company's stock, valued at $826,140.20. The trade was a 44.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Lauren Mastrocola sold 5,188 shares of the company's stock in a transaction on Thursday, November 14th. The stock was 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 of the company's stock, 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. 2.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors have recently added to or reduced their stakes in PRAX. New York State Common Retirement Fund lifted its stake in shares of Praxis Precision Medicines by 12.1% in the 4th quarter. New York State Common Retirement Fund now owns 7,847 shares of the company's stock valued at $604,000 after purchasing an additional 847 shares in the last quarter. CIBC Asset Management Inc increased its position in Praxis Precision Medicines by 47.3% during the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company's stock worth $28,226,000 after purchasing an additional 117,817 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Praxis Precision Medicines in the fourth quarter valued at approximately $48,000. China Universal Asset Management Co. Ltd. acquired a new position in Praxis Precision Medicines during the fourth quarter valued at approximately $304,000. Finally, Ellsworth Advisors LLC acquired a new position in Praxis Precision Medicines during the fourth quarter valued at approximately $627,000. Hedge funds and other institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Stock Up 0.5 %

NASDAQ PRAX traded up $0.35 during trading hours on Wednesday, hitting $76.55. 341,740 shares of the stock were exchanged, compared to its average volume of 349,292. Praxis Precision Medicines has a 12-month low of $33.01 and a 12-month high of $86.93. The stock has a 50-day moving average of $74.28 and a 200 day moving average of $66.15. The company has a market cap of $1.43 billion, a price-to-earnings ratio of -7.43 and a beta of 2.66.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate 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 analyst estimates of $0.53 million. During the same period in the prior year, the business earned ($2.70) earnings per share. On average, equities research analysts expect that Praxis Precision Medicines will post -10.26 earnings per share for the current year.

About Praxis Precision Medicines

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.