Praxis Precision Medicines’ (PRAX) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note published on Monday morning,Benzinga reports. The firm currently has a $250.00 target price on the stock.

Other analysts also recently issued research reports about the stock. BTIG Research set a $424.00 target price on shares of Praxis Precision Medicines and gave the stock a “buy” rating in a report on Tuesday, November 18th. Weiss Ratings restated a “sell (e+)” rating on shares of Praxis Precision Medicines in a research report on Tuesday, November 25th. Guggenheim reaffirmed a “buy” rating and issued a $540.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 6th. Chardan Capital upgraded Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, November 19th. Finally, Jones Trading started coverage on Praxis Precision Medicines in a report on Thursday, September 18th. They set a “buy” rating and a $83.00 price target for the company. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.50.

Praxis Precision Medicines Trading Up 3.9%

Shares of NASDAQ PRAX opened at $186.15 on Monday. The company has a market capitalization of $4.66 billion, a P/E ratio of -14.43 and a beta of 2.95. Praxis Precision Medicines has a 12 month low of $26.70 and a 12 month high of $206.71. The stock has a 50 day moving average of $143.89 and a 200-day moving average of $80.20.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.45) by $0.09. Analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

Insider Activity at Praxis Precision Medicines

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 13,600 shares of Praxis Precision Medicines stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $192.08, for a total value of $2,612,288.00. Following the completion of the transaction, the insider directly owned 10,442 shares of the company’s stock, valued at $2,005,699.36. The trade was a 56.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Alex Nemiroff sold 25,130 shares of the stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $193.09, for a total value of $4,852,351.70. Following the sale, the general counsel directly owned 20,832 shares in the company, valued at approximately $4,022,450.88. This trade represents a 54.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently bought and sold shares of the company. Woodline Partners LP lifted its holdings in shares of Praxis Precision Medicines by 1,666.5% during the 1st quarter. Woodline Partners LP now owns 175,727 shares of the company’s stock worth $6,655,000 after acquiring an additional 165,779 shares during the period. Aberdeen Group plc increased its stake in Praxis Precision Medicines by 143.5% in the second quarter. Aberdeen Group plc now owns 214,056 shares of the company’s stock valued at $9,001,000 after acquiring an additional 126,153 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Praxis Precision Medicines by 19.1% during the second quarter. Assenagon Asset Management S.A. now owns 604,298 shares of the company’s stock worth $25,411,000 after purchasing an additional 96,898 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Praxis Precision Medicines by 8.1% in the 2nd quarter. Geode Capital Management LLC now owns 451,731 shares of the company’s stock valued at $18,997,000 after purchasing an additional 33,715 shares in the last quarter. Finally, Cormorant Asset Management LP increased its stake in shares of Praxis Precision Medicines by 3.1% in the 1st quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company’s stock valued at $66,083,000 after purchasing an additional 51,781 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

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.