Praxis Precision Medicines (NASDAQ:PRAX) Trading 5.8% Higher – Still a Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price was up 5.8% during trading on Monday . The stock traded as high as $82.07 and last traded at $80.98. Approximately 168,566 shares traded hands during trading, a decline of 50% from the average daily volume of 340,280 shares. The stock had previously closed at $76.55.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PRAX. Oppenheimer upped 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 note on Thursday, October 31st. Truist Financial lifted their target price on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. HC Wainwright reiterated a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $151.00 target price on shares of Praxis Precision Medicines in a report on Thursday, November 7th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and a consensus price target of $149.11.

Praxis Precision Medicines Stock Performance

The firm has a fifty day moving average price of $74.51 and a 200 day moving average price of $66.89. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of -8.57 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX) last posted 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). 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 for the quarter, compared to analyst estimates of $0.53 million. During the same period last year, the company earned ($2.70) earnings per share. Research analysts predict that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Praxis Precision Medicines

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

Institutional Investors Weigh In On Praxis Precision Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRAX. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Praxis Precision Medicines in the 4th quarter valued at $48,000. US Bancorp DE raised its holdings in shares of Praxis Precision Medicines by 35.9% during the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after buying an additional 605 shares during the period. Intech Investment Management LLC acquired a new position in Praxis Precision Medicines during the 3rd quarter worth approximately $217,000. China Universal Asset Management Co. Ltd. purchased a new position in Praxis Precision Medicines in the 4th quarter worth approximately $304,000. Finally, Mesirow Financial Investment Management Inc. acquired a new stake in Praxis Precision Medicines in the third quarter valued at approximately $231,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.