Needham & Company LLC Raises Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $582.00

Key Points

• Needham raised Praxis Precision Medicines’ price target to $582 from $575 and maintained a “buy” rating, implying 56.74% upside from the reported $371.31 share price.
• Analyst sentiment remains generally positive: MarketBeat reports a “Moderate Buy” consensus rating and an average price target of $563.85, despite one sell rating and Robert W. Baird lowering its target to $400.
• Praxis reported quarterly EPS of negative $2.87, beating the consensus estimate of negative $3.67. Its shares rose $52.08 during Thursday’s trading session and reached a reported 12-month high of $382.54.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) had its target price upped by analysts at Needham & Company LLC from $575.00 to $582.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's target price would suggest a potential upside of 56.74% from the company's current price.

Several other analysts have also recently commented on the company. TD Cowen reiterated a "buy" rating on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Robert W. Baird decreased their price objective on Praxis Precision Medicines from $433.00 to $400.00 and set an "outperform" rating on the stock in a report on Tuesday, June 2nd. Jefferies Financial Group reaffirmed a "buy" rating on shares of Praxis Precision Medicines in a report on Thursday, May 7th. Piper Sandler reiterated an "overweight" rating on shares of Praxis Precision Medicines in a research report on Monday, July 13th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Praxis Precision Medicines in a research report on Wednesday, May 27th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $563.85.

Praxis Precision Medicines Price Performance

PRAX stock traded up $52.08 during trading on Thursday, hitting $371.31. The stock had a trading volume of 1,003,473 shares, compared to its average volume of 473,024. Praxis Precision Medicines has a twelve month low of $37.19 and a twelve month high of $382.54. The stock has a market capitalization of $10.35 billion, a P/E ratio of -27.82 and a beta of 2.78. The company's 50-day moving average price is $303.42 and its two-hundred day moving average price is $315.10.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, topping the consensus estimate of ($3.67) by $0.80. As a group, sell-side analysts expect that Praxis Precision Medicines will post -14.82 EPS for the current fiscal year.

Insider Buying and Selling at Praxis Precision Medicines

In other news, Director Jill Desimone sold 11,600 shares of the firm's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the completion of the sale, the director 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 filing with the Securities & Exchange Commission, which is available at 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 Investors Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp purchased a new stake in shares of Praxis Precision Medicines in the 2nd quarter valued at approximately $28,583,000. Handelsbanken Fonder AB purchased a new stake in Praxis Precision Medicines during the 2nd quarter worth approximately $3,294,000. GAMMA Investing LLC boosted its position in Praxis Precision Medicines by 10.3% in the 2nd quarter. GAMMA Investing LLC now owns 332 shares of the company's stock valued at $111,000 after buying an additional 31 shares during the period. Parallel Advisors LLC grew its stake in Praxis Precision Medicines by 3,000.0% during the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company's stock worth $40,000 after purchasing an additional 120 shares in the last quarter. Finally, Perceptive Advisors LLC raised its holdings in Praxis Precision Medicines by 2.0% in the first quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company's stock valued at $655,974,000 after acquiring an additional 40,000 shares in the last quarter. Hedge funds and other institutional investors own 67.84% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source