Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives Consensus Recommendation of “Buy” from Brokerages

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been assigned an average rating of “Buy” from the twenty-two ratings firms that are currently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, sixteen have given a buy recommendation and four have given a strong buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $573.05.

A number of research firms have commented on PRAX. The Goldman Sachs Group began coverage on shares of Praxis Precision Medicines in a research report on Monday, July 13th. They issued 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. Wall Street Zen upgraded shares of Praxis Precision Medicines from a “sell” rating to a “hold” rating in a research note on Saturday. Needham & Company LLC lifted their target price on shares of Praxis Precision Medicines from $575.00 to $582.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Wells Fargo & Company reissued a “positive” rating and issued a $362.00 target price (up from $323.00) on shares of Praxis Precision Medicines in a report on Friday.

Insiders Place Their Bets

In other Praxis Precision Medicines 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 value of $3,611,312.00. Following the completion of the transaction, the director 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 document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC grew its holdings in Praxis Precision Medicines by 3,000.0% during the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after acquiring an additional 120 shares during the last quarter. NBC Securities Inc. acquired a new stake in Praxis Precision Medicines in the 4th quarter valued at about $38,000. Danske Bank A S bought a new position in shares of Praxis Precision Medicines in the fourth quarter worth about $59,000. GAMMA Investing LLC raised its stake 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 acquiring an additional 31 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its position in shares of 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 in the last quarter. 67.84% of the stock is owned by institutional investors.

Praxis Precision Medicines News Summary

Here are the key news stories impacting Praxis Precision Medicines this week:

• Positive Sentiment: Praxis said it expects two FDA decisions within roughly six months and is targeting approximately $10 billion in peak sales for ulixacaltamide. The company is also preparing a commercial organization of about 300 field employees, signaling confidence in the drug’s market potential. Praxis signals two FDA decisions and targets $10 billion in peak sales
• Positive Sentiment: Management’s planned commercial launch could exceed expectations if regulatory approvals are secured and adoption develops as projected, strengthening the long-term growth narrative for PRAX. Praxis commercial launch could smash expectations
• Positive Sentiment: Praxis reported a second-quarter loss of $2.87 per share, narrower than the $3.67 analyst consensus, providing a better-than-expected earnings result. Needham & Company also raised its price target from $575 to $582 and maintained a Buy rating. Needham raises Praxis price target Praxis corporate update and second-quarter results
• Neutral Sentiment: The company remains unprofitable and expects a full-year loss, while building a sizeable commercial infrastructure ahead of potential approvals. Those investments could increase expenses before product revenue begins.
• Negative Sentiment: With PRAX near its 52-week high, a market capitalization above $10 billion, and a high beta, the stock is vulnerable to valuation-driven profit-taking. Investors may also be locking in gains while awaiting the FDA decisions and clearer evidence of launch execution.

Praxis Precision Medicines Stock Performance

Shares of NASDAQ PRAX opened at $360.76 on Friday. The stock has a market cap of $10.06 billion, a PE ratio of -27.90 and a beta of 2.78. The business has a fifty day moving average of $303.99 and a two-hundred day moving average of $315.79. Praxis Precision Medicines has a 52-week low of $37.19 and a 52-week high of $382.54.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, beating the consensus estimate of ($3.67) by $0.80. Analysts predict that Praxis Precision Medicines will post -14.37 earnings per share for the current year.

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.