Analysts Set Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Target Price at $585.95

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) have been assigned an average rating of “Buy” from the twenty-two brokerages that are presently covering the company, Marketbeat reports. Two investment 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 twelve-month price objective among analysts that have issued ratings on the stock in the last year is $585.95.

Several research firms have recently commented on PRAX. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $374.00 target price (down from $420.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Robert W. Baird set a $514.00 price objective on Praxis Precision Medicines in a research report on Friday, August 7th. HC Wainwright lowered 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 research note on Tuesday, June 2nd. Oppenheimer reaffirmed an “outperform” rating and issued a $650.00 target price (down from $750.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $575.00 target price (up from $470.00) on shares of Praxis Precision Medicines in a research note on Friday, August 21st.

Insider Buying and Selling at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of Praxis Precision Medicines stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total value of $3,611,312.00. Following the sale, the director directly owned 2,337 shares in the company, valued at $727,554.84. This trade represents a 83.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PRAX. NBC Securities Inc. bought a new stake in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $38,000. Parallel Advisors LLC grew its holdings in Praxis Precision Medicines by 3,000.0% in the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after buying an additional 120 shares in the last quarter. Danske Bank A S acquired a new stake in Praxis Precision Medicines in the 4th quarter valued at approximately $59,000. Tower Research Capital LLC TRC increased its position in Praxis Precision Medicines by 24.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after acquiring an additional 359 shares during the period. Finally, Farther Finance Advisors LLC raised its stake 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 acquiring an additional 138 shares in the last quarter. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock opened at $350.30 on Thursday. Praxis Precision Medicines has a 1 year low of $37.19 and a 1 year high of $392.70. The firm’s 50-day moving average is $335.96 and its 200-day moving average is $322.26. The company has a market cap of $9.78 billion, a P/E ratio of -27.09 and a beta of 2.78.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, topping the consensus estimate of ($3.67) by $0.80. As a group, sell-side analysts predict that Praxis Precision Medicines will post -13.92 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.