Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives $563.50 Consensus Target Price from Analysts

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been given a consensus rating of “Moderate Buy” by the twenty-two brokerages that are currently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, fifteen have issued a buy rating and four have assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $563.50.

A number of equities analysts have weighed in on PRAX shares. Robert W. Baird cut their target price on shares of Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating for the company in a research report on Tuesday, June 2nd. Royal Bank Of Canada began coverage on shares of Praxis Precision Medicines in a research report on Wednesday, June 17th. They issued an “outperform” rating and a $449.00 price target on the stock. The Goldman Sachs Group started coverage on shares of Praxis Precision Medicines in a research note on Monday, July 13th. They set a “buy” rating and a $447.00 price target on the stock. Truist Financial set a $616.00 price objective on shares of Praxis Precision Medicines and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Raymond James Financial initiated coverage on shares of Praxis Precision Medicines in a report on Friday, April 10th. They set a “strong-buy” rating and a $815.00 target price on the stock.

Praxis Precision Medicines Price Performance

Shares of NASDAQ PRAX opened at $310.07 on Friday. The stock has a market capitalization of $8.64 billion, a PE ratio of -23.19 and a beta of 2.78. Praxis Precision Medicines has a one year low of $37.19 and a one year high of $366.52. The business’s fifty day moving average price is $304.18 and its 200-day moving average price is $314.95.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, topping the consensus estimate of ($3.58) by $0.38. As a group, equities analysts expect that Praxis Precision Medicines will post -14.82 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jill Desimone sold 11,600 shares of Praxis Precision Medicines stock in a transaction on Wednesday, June 24th. The stock was 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 trade represents a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is currently owned by insiders.

Institutional Trading of Praxis Precision Medicines

A number of large investors have recently modified their holdings of PRAX. GAMMA Investing LLC increased its position in shares of Praxis Precision Medicines by 10.3% in the second quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock worth $111,000 after purchasing an additional 31 shares during the last quarter. GF Fund Management CO. LTD. raised its stake in Praxis Precision Medicines by 8.2% in the fourth quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock valued at $144,000 after purchasing an additional 37 shares in the last quarter. KBC Group NV lifted its position in Praxis Precision Medicines by 5.8% during the first quarter. KBC Group NV now owns 715 shares of the company’s stock valued at $230,000 after purchasing an additional 39 shares during the last quarter. Carl P. Sherr & Co. LLC lifted its position in Praxis Precision Medicines by 8.4% during the first quarter. Carl P. Sherr & Co. LLC now owns 972 shares of the company’s stock valued at $313,000 after purchasing an additional 75 shares during the last quarter. Finally, CWM LLC grew its stake in Praxis Precision Medicines by 15.5% in the 4th quarter. CWM LLC now owns 874 shares of the company’s stock worth $258,000 after buying an additional 117 shares in the last quarter. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

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.