Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has received a consensus rating of “Moderate Buy” from the nine brokerages that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $149.11.

A number of equities research analysts have weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $151.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. HC Wainwright reissued a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Truist Financial lifted their price target on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Finally, Oppenheimer increased 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.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock opened at $83.49 on Wednesday. Praxis Precision Medicines has a 12-month low of $33.01 and a 12-month high of $86.93. The stock has a market capitalization of $1.56 billion, a PE ratio of -8.11 and a beta of 2.65. The firm has a 50 day simple moving average of $74.51 and a 200-day simple moving average of $66.89.

Praxis Precision Medicines (NASDAQ:PRAX) last posted 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). 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 period in the prior year, the firm posted ($2.70) EPS. On average, analysts forecast that Praxis Precision Medicines will post -10.26 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel Alex Nemiroff sold 8,239 shares of the business’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 transaction, the general counsel now directly owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. The trade was a 44.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 transaction of $424,274.64. Following the completion of the transaction, the insider now owns 5,613 shares in the company, valued at approximately $459,031.14. This represents a 48.03 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors and hedge funds have recently modified their holdings of the stock. CIBC Asset Management Inc grew its stake in Praxis Precision Medicines by 29.2% in the third quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock valued at $14,324,000 after purchasing an additional 56,272 shares in the last quarter. Barclays PLC grew its stake in shares of Praxis Precision Medicines by 126.8% in the 3rd 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 in the last quarter. Franklin Resources Inc. increased 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 worth $25,619,000 after buying an additional 205,335 shares during the last quarter. BNP Paribas Financial Markets raised its position in Praxis Precision Medicines by 369.4% during the third quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company’s stock valued at $548,000 after acquiring an additional 7,496 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in Praxis Precision Medicines by 326.9% in the third quarter. Wellington Management Group LLP now owns 219,907 shares of the company’s stock valued at $12,653,000 after acquiring an additional 168,394 shares during 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.