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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has received an average rating of “Moderate Buy” from the nine ratings firms that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $146.33.

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

Insider Transactions at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 8,239 shares of the firm’s stock in a transaction that occurred 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 transaction, the general counsel now directly owns 10,301 shares of the company’s stock, valued at $826,140.20. This trade represents a 44.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Lauren Mastrocola sold 5,188 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were 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 directly owns 5,613 shares in the company, valued at approximately $459,031.14. The trade was a 48.03 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its stake in shares of Praxis Precision Medicines by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company’s stock valued at $450,000 after acquiring an additional 448 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 worth $25,619,000 after purchasing an additional 205,335 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Praxis Precision Medicines by 1.0% during the third quarter. Geode Capital Management LLC now owns 398,838 shares of the company’s stock worth $22,954,000 after buying an additional 3,779 shares in the last quarter. Barclays PLC raised its position in shares of Praxis Precision Medicines by 126.8% in the third 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. Finally, Wellington Management Group LLP lifted its stake in shares of Praxis Precision Medicines by 326.9% during the third quarter. Wellington Management Group LLP now owns 219,907 shares of the company’s stock valued at $12,653,000 after buying an additional 168,394 shares during the period. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock opened at $73.68 on Friday. The business has a 50 day simple moving average of $75.01 and a 200-day simple moving average of $62.97. Praxis Precision Medicines has a 12 month low of $31.26 and a 12 month high of $86.93. The stock has a market capitalization of $1.37 billion, a PE ratio of -7.15 and a beta of 2.66.

Praxis Precision Medicines (NASDAQ:PRAX) 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 return on equity of 54.86% and a negative net margin of 9,409.22%. The firm had revenue of $0.30 million for the quarter, compared to analysts’ expectations of $0.53 million. During the same quarter in the previous year, the company posted ($2.70) EPS. As a group, equities research analysts anticipate that Praxis Precision Medicines will post -10.26 EPS 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.