Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have earned an average recommendation of “Moderate Buy” from the twenty-one analysts that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, sixteen have assigned a buy recommendation and three have assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $585.95.

A number of analysts recently issued reports on PRAX shares. Wells Fargo & Company restated a “positive” rating and issued a $362.00 price target (up from $323.00) on shares of Praxis Precision Medicines in a research note on Friday, August 7th. HC Wainwright reduced their price objective on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating on the stock in a research note on Tuesday, June 2nd. The Goldman Sachs Group reissued a “buy” rating and set a $575.00 price objective (up from $470.00) on shares of Praxis Precision Medicines in a report on Friday, August 21st. Robert W. Baird set a $514.00 target price on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and set a $945.00 price target on shares of Praxis Precision Medicines in a research report on Monday, August 17th.

Praxis Precision Medicines Stock Up 1.1%

NASDAQ:PRAX opened at $357.50 on Thursday. Praxis Precision Medicines has a fifty-two week low of $37.19 and a fifty-two week high of $392.70. The firm’s 50 day moving average is $337.90 and its two-hundred day moving average is $322.64. The company has a market cap of $9.98 billion, a P/E ratio of -27.65 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.67) by $0.80. Research analysts forecast that Praxis Precision Medicines will post -13.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jill Desimone sold 11,600 shares of Praxis Precision Medicines stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the sale, the director owned 2,337 shares of the company’s stock, valued at approximately $727,554.84. The trade was a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. NBC Securities Inc. bought a new stake in shares of Praxis Precision Medicines during the fourth quarter valued at about $38,000. Parallel Advisors LLC grew its position in Praxis Precision Medicines by 3,000.0% in the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock valued at $40,000 after buying an additional 120 shares in the last quarter. Danske Bank A S acquired a new position in Praxis Precision Medicines during the 4th quarter valued at about $59,000. Tower Research Capital LLC TRC increased its stake in Praxis Precision Medicines by 24.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after buying an additional 359 shares during the period. Finally, Farther Finance Advisors LLC raised its position in shares of Praxis Precision Medicines by 60.0% during the 4th quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock worth $108,000 after buying an additional 138 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

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.