Praxis Precision Medicines’ (NASDAQ:PRAX) quiet period is set to end on Wednesday, November 25th. Praxis Precision Medicines had issued 10,000,000 shares in its public offering on October 16th. The total size of the offering was $190,000,000 based on an initial share price of $19.00. During Praxis Precision Medicines’ quiet period, insiders and underwriters that worked on the IPO are prevented from issuing any earnings forecasts or research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.
A number of research analysts have weighed in on PRAX shares. Piper Sandler started coverage on Praxis Precision Medicines in a research note on Tuesday, November 10th. They issued an “overweight” rating and a $65.00 price target for the company. Evercore ISI started coverage on Praxis Precision Medicines in a research note on Tuesday, November 10th. They issued an “outperform” rating and a $55.00 price target for the company. Cowen started coverage on Praxis Precision Medicines in a research note on Tuesday, November 10th. They issued an “outperform” rating for the company. Finally, Wedbush started coverage on Praxis Precision Medicines in a research note on Wednesday, November 11th. They issued an “outperform” rating and a $40.00 price target for the company.
Shares of NASDAQ PRAX opened at $34.57 on Friday. Praxis Precision Medicines has a 12 month low of $23.90 and a 12 month high of $38.42.
In other Praxis Precision Medicines news, CEO Marcio Souza bought 3,846 shares of Praxis Precision Medicines stock in a transaction dated Tuesday, November 10th. The stock was bought at an average cost of $26.08 per share, for a total transaction of $100,303.68. Following the purchase, the chief executive officer now owns 24,450 shares of the company’s stock, valued at approximately $637,656. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
About Praxis Precision Medicines
Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, develops therapies for central nervous system disorders characterized by neuronal imbalance. Its lead product candidates include PRAX-114, an extrasynaptic-preferring GABAA receptor positive allosteric modulator that is in Phase IIa clinical trial for the treatment of major depressive disorder and perimenopausal depression; and PRAX-944, a selective small molecule inhibitor of T-type calcium channels, which is in Phase IIa clinical trial for the treatment of essential tremor.
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