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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been given an average recommendation of “Moderate Buy” by the nine brokerages that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $146.33.

Several research analysts have commented on the company. HC Wainwright restated a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a research note on Thursday. Needham & Company LLC reiterated a “buy” rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Finally, Oppenheimer lifted their price target 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 Stock Down 1.2 %

Shares of NASDAQ PRAX opened at $70.18 on Tuesday. Praxis Precision Medicines has a 52 week low of $14.77 and a 52 week high of $86.93. The business has a 50-day simple moving average of $72.65 and a two-hundred day simple moving average of $58.65. The company has a market cap of $1.31 billion, a P/E ratio of -6.81 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Wednesday, November 6th. The company reported ($2.75) 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 company had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. During the same quarter in the prior year, the business earned ($2.70) EPS. Equities research analysts anticipate that Praxis Precision Medicines will post -10.26 EPS for the current year.

Insider Activity at Praxis Precision Medicines

In related news, General Counsel Alex Nemiroff sold 8,239 shares of the firm’s stock in a transaction dated 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 directly owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines 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 transaction, 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 currently owned by insiders.

Hedge Funds Weigh In On Praxis Precision Medicines

Large investors have recently bought and sold shares of the stock. Amalgamated Bank bought a new stake in shares of Praxis Precision Medicines in the 2nd quarter worth approximately $25,000. US Bancorp DE grew its position in shares of Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after buying an additional 605 shares during the last quarter. Quarry LP bought a new stake in shares of Praxis Precision Medicines in the 2nd quarter worth approximately $83,000. Intech Investment Management LLC bought a new stake in shares of Praxis Precision Medicines in the 3rd quarter worth approximately $217,000. Finally, Geode Capital Management LLC grew its position in shares of Praxis Precision Medicines by 1.0% in the 3rd 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 during the last quarter. 67.84% of the stock is 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.