Praxis Precision Medicines’ (PRAX) “Buy” Rating Reaffirmed at Needham & Company LLC

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a report issued on Monday,Benzinga reports. They presently have a $150.00 price objective on the stock. Needham & Company LLC’s target price would suggest a potential upside of 78.06% from the company’s previous close.

Several other analysts have also recently commented on PRAX. Oppenheimer raised their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Truist Financial raised their target price on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Finally, HC Wainwright reaffirmed a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $145.20.

Praxis Precision Medicines Stock Down 0.7 %

NASDAQ PRAX opened at $84.24 on Monday. Praxis Precision Medicines has a 52-week low of $33.01 and a 52-week high of $90.33. The firm has a 50-day moving average price of $75.36 and a 200 day moving average price of $67.90. The stock has a market capitalization of $1.57 billion, a P/E ratio of -8.18 and a beta of 2.65.

Insider Buying and Selling

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

Institutional Trading of Praxis Precision Medicines

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Praxis Precision Medicines during the 4th quarter worth about $48,000. US Bancorp DE raised its position in shares of Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after buying an additional 605 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in Praxis Precision Medicines during the fourth quarter valued at about $215,000. Intech Investment Management LLC purchased a new position in shares of Praxis Precision Medicines in the 3rd quarter worth about $217,000. Finally, Mesirow Financial Investment Management Inc. acquired a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at about $231,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.