Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Expected to Rise, Truist Financial Analyst Says

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective raised by Truist Financial from $150.00 to $175.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts also recently issued reports on PRAX. HC Wainwright reaffirmed a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, December 12th. Oppenheimer lifted their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Praxis Precision Medicines has an average rating of “Moderate Buy” and an average target price of $149.11.

Praxis Precision Medicines Stock Down 2.5 %

Shares of PRAX opened at $77.60 on Tuesday. Praxis Precision Medicines has a twelve month low of $33.01 and a twelve month high of $86.93. The company has a market capitalization of $1.45 billion, a P/E ratio of -7.53 and a beta of 2.66. The firm has a 50 day moving average of $74.02 and a 200 day moving average of $65.19.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.74). The business had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. During the same period in the previous year, the business posted ($2.70) EPS. On average, sell-side analysts expect that Praxis Precision Medicines will post -10.26 EPS for the current year.

Insider Activity at Praxis Precision Medicines

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 5,188 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the completion of the transaction, the insider now owns 5,613 shares in the company, valued at approximately $459,031.14. This represents a 48.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $80.20, for a total value of $660,767.80. Following the sale, the general counsel now owns 10,301 shares in the company, valued at $826,140.20. This trade represents a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PRAX. CIBC Asset Management Inc raised its position in Praxis Precision Medicines by 29.2% during the third quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock worth $14,324,000 after acquiring an additional 56,272 shares during the period. Barclays PLC raised its position in shares of Praxis Precision Medicines by 126.8% during the 3rd quarter. Barclays PLC now owns 37,130 shares of the company’s stock worth $2,136,000 after purchasing an additional 20,759 shares during the last quarter. Franklin Resources Inc. lifted its stake in Praxis Precision Medicines by 85.6% in the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after buying an additional 205,335 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Praxis Precision Medicines by 369.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company’s stock worth $548,000 after buying an additional 7,496 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in Praxis Precision Medicines by 523.2% during the 2nd quarter. Renaissance Technologies LLC now owns 75,433 shares of the company’s stock worth $3,120,000 after buying an additional 63,329 shares in the last quarter. 67.84% of the stock is owned by institutional investors and hedge funds.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.