Praxis Precision Medicines (NASDAQ:PRAX) Trading Up 9.2% on Analyst Upgrade

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) were up 9.2% during trading on Monday after Needham & Company LLC raised their price target on the stock from $304.00 to $315.00. Needham & Company LLC currently has a buy rating on the stock. Praxis Precision Medicines traded as high as $278.00 and last traded at $270.7740. Approximately 277,933 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 596,246 shares. The stock had previously closed at $247.99.

Several other equities research analysts have also recently issued reports on PRAX. Truist Financial restated a “buy” rating and issued a $360.00 target price (up previously from $85.00) on shares of Praxis Precision Medicines in a report on Friday, October 17th. BTIG Research restated a “buy” rating and issued a $499.00 price target on shares of Praxis Precision Medicines in a research note on Friday. Lifesci Capital raised Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, September 3rd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $303.00 target price on shares of Praxis Precision Medicines in a report on Friday. Finally, Wedbush reaffirmed an “underperform” rating and set a $83.00 price target (up previously from $77.00) on shares of Praxis Precision Medicines in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $292.23.

Insider Activity

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 25,130 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the sale, the general counsel owned 20,832 shares in the company, valued at approximately $4,022,450.88. This trade represents a 54.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lauren Mastrocola sold 13,600 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $192.08, for a total transaction of $2,612,288.00. Following the transaction, the insider directly owned 10,442 shares in the company, valued at $2,005,699.36. This represents a 56.57% decrease in their position. The SEC filing for this sale provides additional information. 2.70% of the stock is owned by company insiders.

Institutional Trading of Praxis Precision Medicines

Institutional investors and hedge funds have recently modified their holdings of the company. Legal & General Group Plc boosted its holdings in Praxis Precision Medicines by 0.9% in the 3rd quarter. Legal & General Group Plc now owns 16,824 shares of the company’s stock worth $892,000 after buying an additional 154 shares during the period. Creative Planning lifted its position in shares of Praxis Precision Medicines by 2.5% in the third quarter. Creative Planning now owns 6,660 shares of the company’s stock valued at $353,000 after acquiring an additional 165 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Praxis Precision Medicines by 88.3% in the second quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after acquiring an additional 295 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Praxis Precision Medicines by 24.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after acquiring an additional 359 shares during the period. Finally, State Board of Administration of Florida Retirement System grew its position in shares of Praxis Precision Medicines by 6.4% during the second quarter. State Board of Administration of Florida Retirement System now owns 6,425 shares of the company’s stock worth $270,000 after purchasing an additional 385 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors.

Praxis Precision Medicines Trading Up 6.9%

The firm has a 50 day moving average of $150.61 and a 200-day moving average of $83.04. The company has a market cap of $6.63 billion, a P/E ratio of -20.55 and a beta of 2.95.

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

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.