Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives $146.33 Average Price Target from Brokerages

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been assigned an average recommendation of “Moderate Buy” from the nine ratings firms that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $146.33.

PRAX has been the subject of several recent research reports. Needham & Company LLC reiterated a “buy” rating and issued a $151.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Finally, Oppenheimer boosted their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st.

Praxis Precision Medicines Stock Performance

PRAX stock opened at $63.15 on Friday. The firm has a market cap of $1.18 billion, a P/E ratio of -6.13 and a beta of 2.66. The firm’s fifty day moving average is $74.98 and its 200 day moving average is $63.21. Praxis Precision Medicines has a 52 week low of $33.01 and a 52 week high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($2.01) by ($0.74). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The company had revenue of $0.30 million during the quarter, compared to analysts’ expectations of $0.53 million. During the same quarter in the prior year, the firm posted ($2.70) EPS. As a group, analysts forecast that Praxis Precision Medicines will post -10.26 EPS for the current year.

Insider Transactions at Praxis Precision Medicines

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total value of $660,767.80. Following the completion of the transaction, the general counsel now owns 10,301 shares in the company, valued at approximately $826,140.20. This represents a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lauren Mastrocola sold 5,188 shares of the firm’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the transaction, the insider now directly owns 5,613 shares of the company’s stock, valued at $459,031.14. This represents a 48.03 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PRAX. JPMorgan Chase & Co. boosted its stake in Praxis Precision Medicines by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company’s stock worth $450,000 after acquiring an additional 448 shares in the last quarter. Amalgamated Bank purchased a new position in shares of Praxis Precision Medicines during the second quarter valued at approximately $25,000. US Bancorp DE boosted its position in shares of Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after purchasing an additional 605 shares in the last quarter. Quarry LP purchased a new stake in shares of Praxis Precision Medicines in the 2nd quarter worth approximately $83,000. Finally, Intech Investment Management LLC bought a new position in Praxis Precision Medicines during the 3rd quarter valued at approximately $217,000. 67.84% of the stock is currently owned by institutional investors.

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.