Analysts Set Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Price Target at $585.95

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has earned an average rating of “Buy” from the twenty-two ratings firms that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, sixteen have assigned a buy rating and four have given a strong buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $585.95.

A number of equities analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research note on Monday, August 24th. Wall Street Zen upgraded shares of Praxis Precision Medicines from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Wedbush decreased their target price on shares of Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating for the company in a report on Tuesday, June 2nd. Piper Sandler reiterated an “overweight” rating on shares of Praxis Precision Medicines in a report on Monday, July 13th. Finally, HC Wainwright cut their price target on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating on the stock in a report on Tuesday, June 2nd.

Insider Buying and Selling at Praxis Precision Medicines

In other news, Director Jill Desimone sold 11,600 shares of the company’s stock in a transaction 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 transaction, the director directly owned 2,337 shares of the company’s stock, valued at $727,554.84. This represents a 83.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Praxis Precision Medicines

Several large investors have recently bought and sold shares of the business. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Praxis Precision Medicines in the 2nd quarter worth about $2,698,000. California State Teachers Retirement System boosted its holdings in shares of Praxis Precision Medicines by 32,314.1% during the 2nd quarter. California State Teachers Retirement System now owns 8,906,418 shares of the company’s stock valued at $2,981,780,000 after acquiring an additional 8,878,941 shares during the last quarter. Readystate Asset Management LP bought a new stake in shares of Praxis Precision Medicines in the second quarter worth approximately $3,531,000. Seven Fleet Capital Management LP bought a new stake in shares of Praxis Precision Medicines in the second quarter worth approximately $2,524,000. Finally, Nykredit A S purchased a new position in shares of Praxis Precision Medicines during the second quarter valued at approximately $261,000. 67.84% of the stock is currently owned by institutional investors.

Praxis Precision Medicines Stock Down 6.3%

PRAX stock opened at $344.75 on Thursday. The business has a 50 day moving average of $335.03 and a 200 day moving average of $322.03. The firm has a market cap of $9.63 billion, a PE ratio of -26.66 and a beta of 2.78. Praxis Precision Medicines has a twelve month low of $37.19 and a twelve month high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, topping the consensus estimate of ($3.67) by $0.80. On average, research analysts expect that Praxis Precision Medicines will post -13.92 earnings per share for the current fiscal year.

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.