Praxis Precision Medicines (NASDAQ:PRAX) Upgraded by The Goldman Sachs Group to "Strong-Buy" Rating

Key Points

• Goldman Sachs upgraded Praxis Precision Medicines (NASDAQ: PRAX) to “Strong-Buy,” adding to generally positive analyst sentiment around the biotech stock.
• Other firms remain mixed on the name, with several buy/outperform ratings and some price target cuts; MarketBeat shows a consensus rating of “Buy” with an average target of $563.50.
• Praxis last reported a smaller-than-expected quarterly loss of $3.20 per share, while the stock was trading around $314.56 with a 52-week range of $37.19 to $366.52.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) was upgraded by The Goldman Sachs Group to a "strong-buy" rating in a research report issued on Monday,Zacks.com reports.

Several other research firms have also issued reports on PRAX. HC Wainwright reduced 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 research note on Tuesday, June 2nd. Robert W. Baird lowered their target price on shares of 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. BTIG Research restated a "buy" rating and set a $810.00 target price (down from $843.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Wedbush reduced their price target on Praxis Precision Medicines from $166.00 to $162.00 and set an "underperform" rating for the company in a research report on Tuesday, June 2nd. Finally, Needham & Company LLC upped their price target on Praxis Precision Medicines from $537.00 to $575.00 and gave the stock a "buy" rating in a research note on Monday, June 29th. Five analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $563.50.

Praxis Precision Medicines Stock Performance

Shares of PRAX opened at $314.56 on Monday. The firm has a market cap of $8.77 billion, a PE ratio of -23.53 and a beta of 2.74. The firm's 50 day moving average price is $312.67 and its 200 day moving average price is $312.10. Praxis Precision Medicines has a twelve month low of $37.19 and a twelve month high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, topping the consensus estimate of ($3.58) by $0.38. On average, sell-side analysts anticipate that Praxis Precision Medicines will post -14.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the company's stock in a transaction 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 directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.00% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC lifted its position 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 acquiring an additional 120 shares during the last quarter. NBC Securities Inc. acquired a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at about $38,000. Danske Bank A S bought a new position in shares of Praxis Precision Medicines in the fourth quarter worth about $59,000. GAMMA Investing LLC lifted its position in shares of Praxis Precision Medicines by 58.7% during the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company's stock worth $70,000 after purchasing an additional 88 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its stake 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 purchasing an additional 138 shares during the period. 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.

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