Wedbush Issues Positive Forecast for Praxis Precision Medicines (NASDAQ:PRAX) Stock Price

Praxis Precision Medicines (NASDAQ:PRAX) had its target price boosted by equities research analysts at Wedbush from $83.00 to $95.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “underperform” rating on the stock. Wedbush’s price objective would indicate a potential downside of 67.07% from the stock’s previous close.

Several other equities research analysts also recently commented on the stock. Chardan Capital upgraded shares of Praxis Precision Medicines to a “strong-buy” rating in a research report on Wednesday, November 19th. Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a report on Friday, January 2nd. HC Wainwright reiterated a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, December 30th. Citigroup restated a “conviction-buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, December 30th. Finally, BTIG Research reiterated a “buy” rating and issued a $843.00 price target (up from $507.00) on shares of Praxis Precision Medicines in a research report on Monday, December 29th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $436.67.

Praxis Precision Medicines Price Performance

NASDAQ:PRAX opened at $288.45 on Monday. The business has a fifty day simple moving average of $231.34 and a two-hundred day simple moving average of $124.77. Praxis Precision Medicines has a 1 year low of $26.70 and a 1 year high of $317.72. The company has a market capitalization of $7.27 billion, a P/E ratio of -22.36 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($3.36) EPS for the quarter, beating analysts’ consensus estimates of ($3.45) by $0.09. As a group, analysts anticipate that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Insider Transactions at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 25,130 shares of the business’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the completion of the transaction, the general counsel owned 20,832 shares of the company’s stock, valued at approximately $4,022,450.88. The trade was a 54.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lauren Mastrocola sold 13,600 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $192.08, for a total transaction of $2,612,288.00. Following the completion of the transaction, the insider owned 10,442 shares in the company, valued at approximately $2,005,699.36. This trade represents a 56.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Congress Asset Management Co. bought a new position in shares of Praxis Precision Medicines in the 3rd quarter worth $1,613,000. Vivo Capital LLC purchased a new position in Praxis Precision Medicines in the second quarter worth $7,048,000. Aberdeen Group plc increased its stake in Praxis Precision Medicines by 143.5% in the second quarter. Aberdeen Group plc now owns 214,056 shares of the company’s stock valued at $9,001,000 after acquiring an additional 126,153 shares during the last quarter. Kennedy Capital Management LLC increased its stake in Praxis Precision Medicines by 7.9% in the second quarter. Kennedy Capital Management LLC now owns 70,445 shares of the company’s stock valued at $2,962,000 after acquiring an additional 5,180 shares during the last quarter. Finally, Swiss National Bank raised its position in Praxis Precision Medicines by 13.7% during the second quarter. Swiss National Bank now owns 30,800 shares of the company’s stock valued at $1,295,000 after purchasing an additional 3,700 shares in the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

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.