Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Praxis Precision Medicines (NASDAQ:PRAX) had its price target hoisted by Needham & Company LLC from $537.00 to $575.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 75.42% from the stock’s previous close.

PRAX has been the topic of a number of other research reports. Oppenheimer restated an “outperform” rating and set a $650.00 target price (down from $750.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Raymond James Financial began coverage on Praxis Precision Medicines in a research note on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 price target for the company. Robert W. Baird reduced their price target on Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 2nd. Wedbush lowered their price objective on Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating on the stock in a research note on Tuesday, June 2nd. Finally, HC Wainwright dropped their price objective on Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating for the company in a report on Tuesday, June 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $569.63.

Praxis Precision Medicines Price Performance

PRAX stock opened at $327.79 on Monday. Praxis Precision Medicines has a fifty-two week low of $37.19 and a fifty-two week high of $366.52. The stock has a market capitalization of $9.14 billion, a price-to-earnings ratio of -24.52 and a beta of 2.71. The business’s fifty day moving average price is $314.02 and its two-hundred day moving average price is $307.77.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, beating the consensus estimate of ($3.58) by $0.38. Research analysts expect that Praxis Precision Medicines will post -14.79 EPS for the current year.

Insider Activity at Praxis Precision Medicines

In other news, Director Jill Desimone sold 11,600 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the completion of the sale, the director owned 2,337 shares of the company’s stock, valued at approximately $727,554.84. This represents a 83.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently modified their holdings of PRAX. Parallel Advisors LLC grew its holdings in shares of Praxis Precision Medicines by 3,000.0% during the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock valued at $40,000 after purchasing an additional 120 shares during the last quarter. NBC Securities Inc. acquired a new stake in Praxis Precision Medicines during the 4th quarter valued at approximately $38,000. Danske Bank A S acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth $59,000. GAMMA Investing LLC grew its holdings in Praxis Precision Medicines by 58.7% during the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after acquiring an additional 88 shares during the period. Finally, Farther Finance Advisors LLC grew its stake in Praxis Precision Medicines by 60.0% during the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock worth $108,000 after purchasing an additional 138 shares during the period. 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.