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

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have received a consensus recommendation of “Moderate Buy” from the nine brokerages that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $146.33.

A number of research firms recently issued reports on PRAX. HC Wainwright restated a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Oppenheimer raised their target price 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, Needham & Company LLC reiterated a “buy” rating and issued a $151.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, November 7th.

Praxis Precision Medicines Price Performance

NASDAQ PRAX opened at $72.38 on Tuesday. The firm’s fifty day moving average price is $72.85 and its 200 day moving average price is $58.93. Praxis Precision Medicines has a 12 month low of $15.46 and a 12 month high of $86.93. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of -7.03 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data 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). 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 period in the previous year, the business posted ($2.70) EPS. As a group, sell-side analysts forecast that Praxis Precision Medicines will post -10.26 earnings per share for the current year.

Insider Buying and Selling at Praxis Precision Medicines

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total value of $660,767.80. Following the sale, the general counsel now owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. The trade was a 44.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction, the insider now directly owns 5,613 shares of the company’s stock, valued at approximately $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 currently owned by corporate insiders.

Institutional Investors Weigh In On Praxis Precision Medicines

Several institutional investors have recently made changes to their positions in PRAX. Point72 Asset Management L.P. lifted its stake in shares of Praxis Precision Medicines by 10.2% in the second quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock valued at $43,498,000 after purchasing an additional 97,561 shares during the period. Janus Henderson Group PLC increased its holdings in Praxis Precision Medicines by 37.2% in the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock valued at $30,079,000 after buying an additional 141,881 shares in the last quarter. Franklin Resources Inc. lifted its position 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 acquiring an additional 205,335 shares during the period. Geode Capital Management LLC lifted its position in shares of 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 acquiring an additional 3,779 shares during the period. Finally, Baker BROS. Advisors LP boosted 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 worth $18,591,000 after acquiring an additional 191,572 shares in the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.