Praxis Precision Medicines (NASDAQ:PRAX) Price Target Raised to $95.00

Praxis Precision Medicines (NASDAQ:PRAX) had its target price lifted by Wedbush from $83.00 to $95.00 in a research note published on Monday morning, MarketBeat reports. Wedbush currently has an underperform rating on the stock.

A number of other research firms have also recently commented on PRAX. Jones Trading began coverage on Praxis Precision Medicines in a research note on Thursday, September 18th. They set a “buy” rating and a $83.00 price target on the stock. Oppenheimer reissued an “outperform” rating and set a $750.00 target price (up previously from $250.00) on shares of Praxis Precision Medicines in a research note on Monday, December 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $460.00 target price on shares of Praxis Precision Medicines in a research report on Monday, January 5th. TD Cowen boosted their price target on shares of Praxis Precision Medicines from $251.00 to $353.00 and gave the stock a “buy” rating in a research note on Monday, December 8th. Finally, Deutsche Bank Aktiengesellschaft set a $313.00 price objective on shares of Praxis Precision Medicines in a research note on Friday, December 12th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $436.67.

Praxis Precision Medicines Price Performance

Shares of PRAX stock opened at $298.46 on Monday. Praxis Precision Medicines has a 1-year low of $26.70 and a 1-year high of $317.72. The firm has a market cap of $7.52 billion, a PE ratio of -23.14 and a beta of 2.85. The company has a 50-day moving average of $238.07 and a two-hundred day moving average of $129.27.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results 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. Sell-side analysts anticipate that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

Insider Transactions at Praxis Precision Medicines

In related news, 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 value of $2,612,288.00. Following the completion of the transaction, the insider owned 10,442 shares in the company, valued at $2,005,699.36. The trade was a 56.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Alex Nemiroff sold 25,130 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the transaction, the general counsel owned 20,832 shares of the company’s stock, valued at $4,022,450.88. This trade represents a 54.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Praxis Precision Medicines

Several institutional investors have recently modified their holdings of PRAX. GAMMA Investing LLC raised its stake in Praxis Precision Medicines by 58.7% in the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after buying an additional 88 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Praxis Precision Medicines by 88.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock worth $26,000 after acquiring an additional 295 shares in the last quarter. CWM LLC lifted its stake in Praxis Precision Medicines by 877.9% during the second quarter. CWM LLC now owns 753 shares of the company’s stock worth $32,000 after purchasing an additional 676 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after purchasing an additional 359 shares during the last quarter. Finally, AlphaQuest LLC boosted its holdings in Praxis Precision Medicines by 1,623.3% in the third quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock valued at $106,000 after purchasing an additional 1,883 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.