Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately bullish: Praxis Precision Medicines has a “Moderate Buy” consensus from 20 analysts, with 15 buys, three strong buys and two sells. The average 12-month price target is $612.42.
• PRAX opened at $298.95, versus a 52-week range of $41.78 to $392.70, and reported quarterly EPS of $(2.87), beating the consensus estimate of $(3.67).
• Institutional ownership remains substantial at 67.84%, with several major investors increasing their stakes; meanwhile, a director sold 11,600 shares under a pre-arranged trading plan.

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) have earned an average rating of "Moderate Buy" from the twenty ratings firms that are covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell rating, fifteen have assigned a buy rating and three have issued a strong buy rating on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $612.4211.

A number of equities analysts recently issued reports on the company. The Goldman Sachs Group restated 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. Wells Fargo & Company reissued a "positive" rating and issued a $362.00 price objective (up from $323.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. HC Wainwright reduced 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. Wall Street Zen raised Praxis Precision Medicines from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Robert W. Baird set a $514.00 target price on Praxis Precision Medicines in a research report on Friday, August 7th.

Praxis Precision Medicines Price Performance

PRAX stock opened at $298.95 on Monday. The stock has a market capitalization of $8.35 billion, a PE ratio of -23.12 and a beta of 2.76. Praxis Precision Medicines has a 52 week low of $41.78 and a 52 week high of $392.70. The firm has a 50 day moving average of $339.20 and a 200 day moving average of $322.59.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.67) by $0.80. On average, equities research analysts expect that Praxis Precision Medicines will post -13.92 earnings per share for the current year.

Insider Activity at Praxis Precision Medicines

In other news, Director Jill Desimone sold 11,600 shares of the 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 owned 2,337 shares in the company, valued at $727,554.84. This represents a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC increased its stake in shares of Praxis Precision Medicines by 17.2% in the 4th quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company's stock valued at $954,834,000 after purchasing an additional 476,227 shares in the last quarter. Barclays PLC boosted its position in Praxis Precision Medicines by 592.6% during the fourth quarter. Barclays PLC now owns 530,751 shares of the company's stock worth $156,434,000 after purchasing an additional 454,114 shares in the last quarter. Baker BROS. Advisors LP grew its holdings in Praxis Precision Medicines by 63.4% in the fourth quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company's stock valued at $332,021,000 after purchasing an additional 437,000 shares during the period. Perceptive Advisors LLC grew its holdings in Praxis Precision Medicines by 27.6% in the fourth quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company's stock valued at $588,297,000 after purchasing an additional 431,432 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in Praxis Precision Medicines by 20.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 716,184 shares of the company's stock valued at $211,088,000 after purchasing an additional 123,163 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc NASDAQ: PRAX is a biotechnology company focused on developing treatments for central nervous system disorders, including epilepsy, movement disorders and other neurological conditions. The company uses its Precision Genetic Medicine platform, which combines human genetics, functional genomics and neuroscience research to identify disease mechanisms and potential therapeutic targets.

Praxis' pipeline has included investigational medicines such as ulixacaltamide, a treatment candidate being developed for essential tremor, and elsunersen, an antisense oligonucleotide designed for certain severe genetic epilepsies.

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