Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives $533.56 Consensus Price Target from Brokerages

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have received an average rating of “Moderate Buy” from the eighteen ratings firms that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell rating, one has given a hold rating, twelve have assigned a buy rating and three have issued a strong buy rating on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $536.0625.

Several research analysts have weighed in on PRAX shares. UBS Group set a $750.00 price target on Praxis Precision Medicines in a research note on Monday, December 15th. Jefferies Financial Group restated a “buy” rating and set a $450.00 target price (up previously from $300.00) on shares of Praxis Precision Medicines in a research report on Tuesday, December 9th. 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 report on Monday, December 29th. Piper Sandler reissued an “overweight” rating and set a $1,200.00 price objective (up previously from $450.00) on shares of Praxis Precision Medicines in a report on Wednesday, January 28th. Finally, Wedbush lifted their target price on Praxis Precision Medicines from $83.00 to $95.00 and gave the stock an “underperform” rating in a report on Monday, January 12th.

Insider Activity at Praxis Precision Medicines

In related news, General Counsel Alex Nemiroff sold 25,130 shares of the firm’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $193.09, for a total value of $4,852,351.70. Following the completion of the transaction, the general counsel directly owned 20,832 shares of the company’s stock, valued at approximately $4,022,450.88. This trade represents a 54.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lauren Mastrocola sold 13,600 shares of the business’s stock in a transaction 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 sale, the insider owned 10,442 shares in the company, valued at $2,005,699.36. This represents a 56.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors have recently bought and sold shares of PRAX. Nisa Investment Advisors LLC raised its position in shares of Praxis Precision Medicines by 88.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after buying an additional 295 shares in the last quarter. CWM LLC raised its position in Praxis Precision Medicines by 877.9% during the second quarter. CWM LLC now owns 753 shares of the company’s stock valued at $32,000 after purchasing an additional 676 shares during the period. NBC Securities Inc. bought a new stake in shares of Praxis Precision Medicines in the 4th 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. Finally, GAMMA Investing LLC boosted its holdings in shares of Praxis Precision Medicines by 58.7% in the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after purchasing an additional 88 shares during the period. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Down 4.7%

NASDAQ:PRAX opened at $317.25 on Friday. The business’s 50-day simple moving average is $294.31 and its two-hundred day simple moving average is $169.54. Praxis Precision Medicines has a 52 week low of $26.70 and a 52 week high of $335.75. The stock has a market cap of $7.99 billion, a PE ratio of -24.59 and a beta of 2.84.

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.