Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives $569.63 Consensus Target Price from Brokerages

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have been assigned a consensus rating of “Moderate Buy” from the twenty-two ratings firms that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, one has given a hold recommendation, fifteen have given a buy recommendation and four have assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $563.50.

A number of analysts recently commented on the company. Wedbush reduced their price objective on Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating for the company in a research report on Tuesday, June 2nd. The Goldman Sachs Group began coverage on Praxis Precision Medicines in a research report on Monday. They issued a “buy” rating and a $447.00 target price on the stock. Truist Financial set a $616.00 price target on Praxis Precision Medicines and gave the company a “buy” rating in a research note on Tuesday, June 2nd. BTIG Research reaffirmed a “buy” rating and set a $810.00 price target (down from $843.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Finally, TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd.

Insider Buying and Selling

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total value of $3,611,312.00. Following the transaction, the director directly owned 2,337 shares in the company, valued at approximately $727,554.84. This trade represents a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds have recently modified their holdings of the business. Orbis Allan Gray Ltd bought a new position in shares of Praxis Precision Medicines in the fourth quarter worth about $369,946,000. Janus Henderson Group PLC grew its stake in shares of Praxis Precision Medicines by 17.2% during the 4th quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock valued at $954,834,000 after acquiring an additional 476,227 shares during the period. Barclays PLC grew its stake in shares of Praxis Precision Medicines by 592.6% during the 4th quarter. Barclays PLC now owns 530,751 shares of the company’s stock valued at $156,434,000 after acquiring an additional 454,114 shares during the period. Baker BROS. Advisors LP increased its holdings in Praxis Precision Medicines by 63.4% in the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock worth $332,021,000 after acquiring an additional 437,000 shares in the last quarter. Finally, Perceptive Advisors LLC increased its holdings in Praxis Precision Medicines by 27.6% in the 4th quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock worth $588,297,000 after acquiring an additional 431,432 shares in the last quarter. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Trading Up 4.2%

NASDAQ:PRAX opened at $327.68 on Wednesday. The company has a market cap of $9.14 billion, a PE ratio of -24.51 and a beta of 2.74. The company has a 50 day simple moving average of $312.55 and a two-hundred day simple moving average of $312.46. Praxis Precision Medicines has a 12 month low of $37.19 and a 12 month high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, beating the consensus estimate of ($3.58) by $0.38. Research analysts forecast that Praxis Precision Medicines will post -14.82 earnings per share for the current year.

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.