Praxis Precision Medicines (NASDAQ:PRAX) Trading Up 8.5% Following Analyst Upgrade

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) were up 8.5% during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $150.00 to $175.00. Truist Financial currently has a buy rating on the stock. Praxis Precision Medicines traded as high as $75.78 and last traded at $76.55. Approximately 138,398 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 301,827 shares. The stock had previously closed at $70.54.

Several other brokerages have also recently weighed in on PRAX. Oppenheimer boosted their target price on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. HC Wainwright restated a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, December 12th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $151.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 7th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Praxis Precision Medicines has an average rating of “Moderate Buy” and a consensus price target of $149.11.

Insider Activity at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $80.20, for a total transaction of $660,767.80. Following the sale, the general counsel now owns 10,301 shares in the company, valued at approximately $826,140.20. The trade was a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $81.78, for a total value of $424,274.64. Following the transaction, the insider now directly owns 5,613 shares in the company, valued at approximately $459,031.14. This trade represents a 48.03 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Praxis Precision Medicines

Large investors have recently modified their holdings of the business. Ellsworth Advisors LLC purchased a new position in shares of Praxis Precision Medicines in the 4th quarter valued at about $627,000. Assenagon Asset Management S.A. boosted its stake in shares of Praxis Precision Medicines by 5,437.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock worth $43,027,000 after acquiring an additional 548,986 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Praxis Precision Medicines by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company’s stock worth $450,000 after acquiring an additional 448 shares during the period. Franklin Resources Inc. increased its stake in Praxis Precision Medicines by 85.6% in the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after purchasing an additional 205,335 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Praxis Precision Medicines by 1.0% during the third quarter. Geode Capital Management LLC now owns 398,838 shares of the company’s stock worth $22,954,000 after purchasing an additional 3,779 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Price Performance

The company has a market capitalization of $1.43 billion, a PE ratio of -7.38 and a beta of 2.66. The stock has a 50-day simple moving average of $74.15 and a 200 day simple moving average of $64.73.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.74). The firm had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. During the same period in the prior year, the firm earned ($2.70) EPS. As a group, research analysts predict that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current fiscal year.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.