Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Up 8.5% on Analyst Upgrade

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) rose 8.5% during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $150.00 to $175.00. Truist Financial currently has a buy rating on the stock. Praxis Precision Medicines traded as high as $75.78 and last traded at $76.55. Approximately 138,398 shares changed hands during trading, a decline of 54% from the average daily volume of 301,827 shares. The stock had previously closed at $70.54.

A number of other research firms also recently issued reports on PRAX. Needham & Company LLC reissued a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. HC Wainwright reaffirmed 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 Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $149.11.

Insiders Place Their Bets

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

Institutional Trading of Praxis Precision Medicines

Institutional investors have recently made changes to their positions in the stock. Amalgamated Bank acquired a new stake in Praxis Precision Medicines in the second quarter valued at approximately $25,000. Quarry LP bought a new position in shares of Praxis Precision Medicines during the 2nd quarter worth about $83,000. US Bancorp DE increased its stake in Praxis Precision Medicines by 35.9% during the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after acquiring an additional 605 shares during the period. Intech Investment Management LLC acquired a new position in shares of Praxis Precision Medicines in the third quarter valued at $217,000. Finally, Mesirow Financial Investment Management Inc. bought a new position in shares of Praxis Precision Medicines during the 3rd quarter worth about $231,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Up 8.7 %

The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of -7.38 and a beta of 2.66. The business has a fifty day simple moving average of $74.15 and a two-hundred day simple moving average of $64.73.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.74). The company had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. During the same period in the prior year, the business earned ($2.70) EPS. As a group, equities analysts predict that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

Praxis Precision Medicines Company Profile

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.