Praxis Precision Medicines (NASDAQ:PRAX) Given New $175.00 Price Target at Truist Financial

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) had its price objective raised by Truist Financial from $150.00 to $175.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price objective points to a potential upside of 123.61% from the stock's current price.

Several other brokerages also recently commented on PRAX. HC Wainwright reaffirmed a "buy" rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Needham & Company LLC reiterated a "buy" rating and set a $151.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Finally, Oppenheimer boosted their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $149.11.

Praxis Precision Medicines Stock Performance

PRAX traded up $7.72 during midday trading on Tuesday, reaching $78.26. 505,828 shares of the company were exchanged, compared to its average volume of 333,244. The stock has a market capitalization of $1.46 billion, a P/E ratio of -7.60 and a beta of 2.66. The stock's 50-day simple moving average is $74.15 and its 200 day simple moving average is $64.73. Praxis Precision Medicines has a one year low of $33.01 and a one year high of $86.93.

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

Insiders Place Their Bets

In other news, insider Lauren Mastrocola sold 5,188 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 5,613 shares of the company's stock, valued at approximately $459,031.14. This represents a 48.03 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Alex Nemiroff sold 8,239 shares of the business's stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total transaction of $660,767.80. Following the transaction, the general counsel now owns 10,301 shares in the company, valued at approximately $826,140.20. The trade was a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.70% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Ellsworth Advisors LLC bought a new position in Praxis Precision Medicines during the fourth quarter worth about $627,000. Assenagon Asset Management S.A. boosted its stake in shares of Praxis Precision Medicines by 5,437.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company's stock worth $43,027,000 after acquiring an additional 548,986 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Praxis Precision Medicines by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company's stock worth $450,000 after acquiring an additional 448 shares during the last quarter. Franklin Resources Inc. raised its stake in Praxis Precision Medicines by 85.6% in the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company's stock valued at $25,619,000 after acquiring an additional 205,335 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Praxis Precision Medicines by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 398,838 shares of the company's stock valued at $22,954,000 after purchasing an additional 3,779 shares during the last quarter. Institutional investors own 67.84% of the company's stock.

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.