Praxis Precision Medicines (NASDAQ:PRAX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Praxis Precision Medicines (NASDAQ:PRAX) from a sell rating to a hold rating in a research note issued to investors on Saturday morning.

Other research analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $374.00 target price (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Raymond James Financial started coverage on Praxis Precision Medicines in a research note on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 price objective on the stock. Piper Sandler reissued an “overweight” rating on shares of Praxis Precision Medicines in a research report on Monday, July 13th. Truist Financial set a $616.00 target price on Praxis Precision Medicines and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research note on Wednesday, May 27th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $573.05.

Praxis Precision Medicines Stock Up 1.7%

NASDAQ:PRAX opened at $366.96 on Friday. Praxis Precision Medicines has a 12 month low of $37.19 and a 12 month high of $382.54. The firm has a market cap of $10.25 billion, a price-to-earnings ratio of -28.38 and a beta of 2.78. The company’s 50 day moving average is $304.62 and its 200-day moving average is $316.08.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.67) by $0.80. Research analysts predict that Praxis Precision Medicines will post -14.37 EPS for the current fiscal year.

Insider Transactions at Praxis Precision Medicines

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the firm’s stock in a transaction on 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC increased its stake in Praxis Precision Medicines by 3,000.0% during the first 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 period. NBC Securities Inc. acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter worth approximately $38,000. Danske Bank A S bought a new stake in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $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 valued at $111,000 after purchasing an additional 31 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in Praxis Precision Medicines by 60.0% in 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 during the period. Institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

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.