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

Key Points

• Analysts maintain a “Moderate Buy” consensus on Praxis Precision Medicines, with 15 buys, four strong buys, one hold and two sell ratings. The average 12-month price target is $563.50, substantially above the stock’s $307.83 opening price.
• Recent analysts remain broadly positive but have lowered some targets: BTIG set an $810 target, Raymond James issued a strong-buy rating with an $815 target, while HC Wainwright, Robert W. Baird and Oppenheimer reduced their price objectives.
• Praxis reported a quarterly loss of $3.20 per share, beating the consensus estimate of a $3.58 loss. The clinical-stage biopharmaceutical company is developing precision therapies for neurological and psychiatric disorders, while institutional investors own 67.84% of its shares.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) has been given an average recommendation of "Moderate Buy" by the twenty-two ratings firms that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $563.50.

A number of equities research analysts have recently weighed in on the stock. BTIG Research reaffirmed a "buy" rating and set a $810.00 target price on shares of Praxis Precision Medicines in a research note on Wednesday. Raymond James Financial assumed coverage on shares of Praxis Precision Medicines in a research note on Friday, April 10th. They issued a "strong-buy" rating and a $815.00 price target for the company. HC Wainwright lowered their price objective on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a "buy" rating for the company in a report on Tuesday, June 2nd. Robert W. Baird cut their price objective on Praxis Precision Medicines from $433.00 to $400.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 2nd. Finally, Oppenheimer reiterated an "outperform" rating and set a $650.00 target price (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd.

Praxis Precision Medicines Stock Up 0.0%

Shares of PRAX stock opened at $307.83 on Friday. The firm has a market capitalization of $8.58 billion, a price-to-earnings ratio of -23.02 and a beta of 2.74. The stock has a fifty day moving average of $305.75 and a 200 day moving average of $314.42. Praxis Precision Medicines has a 52 week low of $37.19 and a 52 week high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($3.58) by $0.38. Equities research analysts anticipate that Praxis Precision Medicines will post -14.82 earnings per share for the current year.

Insider Activity at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of Praxis Precision Medicines stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the sale, the director directly owned 2,337 shares in the company, valued at $727,554.84. The trade was a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its holdings in shares of Praxis Precision Medicines by 3,000.0% during the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company's stock valued at $40,000 after buying an additional 120 shares in the last quarter. NBC Securities Inc. purchased a new stake in shares of Praxis Precision Medicines in the 4th quarter worth about $38,000. Danske Bank A S bought a new position in shares of Praxis Precision Medicines in the 4th quarter worth about $59,000. GAMMA Investing LLC increased its stake in shares of Praxis Precision Medicines by 10.3% in the 2nd quarter. GAMMA Investing LLC now owns 332 shares of the company's stock worth $111,000 after acquiring an additional 31 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in Praxis Precision Medicines by 60.0% during the 4th quarter. Farther Finance Advisors LLC now owns 368 shares of the company's stock valued at $108,000 after acquiring 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.

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