Praxis Precision Medicines (NASDAQ:PRAX) Rating Increased to Strong-Buy at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Praxis Precision Medicines (NASDAQ:PRAX) to a strong-buy rating in a research note published on Monday morning,Zacks.com reports.

A number of other equities analysts have also recently commented on PRAX. Royal Bank Of Canada assumed coverage on shares of Praxis Precision Medicines in a research note on Wednesday, June 17th. They issued an “outperform” rating and a $449.00 price target for the company. Oppenheimer reissued an “outperform” rating and issued a $650.00 target price (down from $750.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Needham & Company LLC upped their price objective on shares of Praxis Precision Medicines from $537.00 to $575.00 and gave the stock a “buy” rating in a report on Monday, June 29th. TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Finally, BTIG Research reissued a “buy” rating and issued a $810.00 target price (down from $843.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Five research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $563.50.

Praxis Precision Medicines Price Performance

NASDAQ PRAX opened at $314.56 on Monday. The stock has a market capitalization of $8.77 billion, a price-to-earnings ratio of -23.53 and a beta of 2.74. The business’s fifty day moving average is $312.67 and its 200-day moving average is $312.10. Praxis Precision Medicines has a one year low of $37.19 and a one year high of $366.52.

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, beating the consensus estimate of ($3.58) by $0.38. Research analysts expect that Praxis Precision Medicines will post -14.82 EPS for the current fiscal year.

Insider Transactions at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the business’s stock in a transaction that occurred 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 transaction, the director directly owned 2,337 shares in the company, valued at approximately $727,554.84. The trade was a 83.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC boosted its position 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 acquiring an additional 120 shares during the last quarter. NBC Securities Inc. purchased a new stake in Praxis Precision Medicines during the fourth quarter valued at approximately $38,000. Danske Bank A S bought a new stake in shares of Praxis Precision Medicines in the 4th quarter valued at approximately $59,000. GAMMA Investing LLC increased its position in shares of Praxis Precision Medicines by 58.7% during the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after purchasing an additional 88 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in Praxis Precision Medicines by 60.0% during the 4th quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock valued at $108,000 after buying an additional 138 shares during the period. Hedge funds and other 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.