Brokerages Set Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Target Price at $146.33

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have earned a consensus rating of “Moderate Buy” from the nine analysts that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $146.33.

PRAX has been the subject of several research analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. HC Wainwright reiterated a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday. Finally, Oppenheimer raised their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st.

Praxis Precision Medicines Stock Down 5.5 %

Shares of PRAX opened at $71.00 on Tuesday. The business has a fifty day moving average of $72.55 and a 200 day moving average of $58.38. The company has a market cap of $1.32 billion, a PE ratio of -6.89 and a beta of 2.67. Praxis Precision Medicines has a 52-week low of $14.77 and a 52-week high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.01) by ($0.74). The firm had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. During the same quarter last year, the business posted ($2.70) EPS. As a group, research analysts anticipate that Praxis Precision Medicines will post -10.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Praxis Precision Medicines

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of the firm’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total value of $660,767.80. Following the completion of the transaction, the general counsel now owns 10,301 shares of the company’s stock, 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 SEC, which is accessible through the SEC website. Also, insider Lauren Mastrocola sold 5,188 shares of the business’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total transaction of $424,274.64. Following the sale, the insider now directly owns 5,613 shares in the company, valued at $459,031.14. This trade represents 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 Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Point72 Asset Management L.P. lifted its stake in Praxis Precision Medicines by 10.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock valued at $43,498,000 after acquiring an additional 97,561 shares during the period. Janus Henderson Group PLC lifted its position in Praxis Precision Medicines by 37.2% during the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock valued at $30,079,000 after purchasing an additional 141,881 shares during the period. Franklin Resources Inc. boosted its holdings in Praxis Precision Medicines by 85.6% in the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after purchasing an additional 205,335 shares during the last quarter. Geode Capital Management LLC grew its position 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 worth $22,954,000 after purchasing an additional 3,779 shares during the period. Finally, Baker BROS. Advisors LP raised its stake in shares of Praxis Precision Medicines by 145.6% during the 3rd quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company’s stock valued at $18,591,000 after buying an additional 191,572 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.