Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Receives Consensus Rating of "Buy" from Brokerages

Key Points

• Praxis Precision Medicines has a consensus “Buy” rating from 22 analysts, with 16 buys, four strong buys and two sells. The average 12-month price target is $585.95, while recent targets include $575 from Goldman Sachs and $810 from BTIG Research.
• Institutional investors own 67.84% of the company, with several major funds increasing their positions. However, director Jill Desimone sold 11,600 shares under a pre-arranged trading plan, reducing her holdings by 83.23%.
• PRAX shares opened at $377.37, near their 52-week high of $392.70, and recently traded above both their 50-day and 200-day moving averages. The company also reported a quarterly loss of $2.87 per share, outperforming analysts’ expected loss of $3.67.

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) have been assigned a consensus rating of "Buy" from the twenty-two analysts that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, sixteen have given a buy rating and four have given a strong buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $585.95.

Several research firms recently weighed in on PRAX. The Goldman Sachs Group reiterated a "buy" rating and issued a $575.00 price target (up from $470.00) on shares of Praxis Precision Medicines in a report on Friday, August 21st. BTIG Research reaffirmed a "buy" rating and issued a $810.00 target price on shares of Praxis Precision Medicines in a research report on Wednesday, July 29th. Wall Street Zen raised shares of Praxis Precision Medicines from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Jefferies Financial Group reiterated a "buy" rating on shares of Praxis Precision Medicines in a research report on Thursday, May 7th. Finally, TD Cowen restated a "buy" rating on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd.

Insider Buying and Selling at Praxis Precision Medicines

In other news, Director Jill Desimone sold 11,600 shares of the stock in a transaction that occurred 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 of the company's stock, valued at approximately $727,554.84. This represents a 83.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.00% of the company's stock.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System lifted its position in Praxis Precision Medicines by 32,314.1% during the second quarter. California State Teachers Retirement System now owns 8,906,418 shares of the company's stock valued at $2,981,780,000 after buying an additional 8,878,941 shares during the period. Orbis Allan Gray Ltd bought a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at $369,946,000. Janus Henderson Group PLC grew its position 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 worth $954,834,000 after buying an additional 476,227 shares during the period. Barclays PLC grew its position in shares of Praxis Precision Medicines by 592.6% in the 4th quarter. Barclays PLC now owns 530,751 shares of the company's stock worth $156,434,000 after buying an additional 454,114 shares during the period. Finally, Baker BROS. Advisors LP increased its stake in shares of Praxis Precision Medicines by 63.4% in the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company's stock worth $332,021,000 after acquiring an additional 437,000 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX opened at $377.37 on Thursday. The stock's 50-day moving average is $332.07 and its 200 day moving average is $321.53. The company has a market cap of $10.54 billion, a PE ratio of -29.19 and a beta of 2.78. Praxis Precision Medicines has a 1 year low of $37.19 and a 1 year high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) 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. Analysts expect that Praxis Precision Medicines will post -13.92 EPS for the current fiscal 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.

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