Praxis Precision Medicines (NASDAQ:PRAX) Now Covered by Analysts at Wells Fargo & Company

Investment analysts at Wells Fargo & Company initiated coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report released on Monday. The brokerage set an “equal weight” rating and a $282.00 price target on the stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 10.19% from the company’s current price.

Several other research firms have also recently commented on PRAX. HC Wainwright reissued a “buy” rating and set a $1,245.00 target price (up previously from $340.00) on shares of Praxis Precision Medicines in a research note on Friday. Piper Sandler reiterated an “overweight” rating and set a $1,200.00 price objective (up from $450.00) on shares of Praxis Precision Medicines in a research report on Wednesday. Oppenheimer reaffirmed an “outperform” rating and set a $750.00 price target (up from $250.00) on shares of Praxis Precision Medicines in a research report on Monday, December 15th. UBS Group set a $750.00 target price on shares of Praxis Precision Medicines in a research report on Monday, December 15th. Finally, Guggenheim restated a “buy” rating on shares of Praxis Precision Medicines in a research report on Monday, December 29th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and an average price target of $530.44.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX opened at $314.00 on Monday. The firm has a fifty day moving average price of $269.81 and a two-hundred day moving average price of $152.02. Praxis Precision Medicines has a one year low of $26.70 and a one year high of $326.91. The company has a market cap of $7.91 billion, a price-to-earnings ratio of -24.34 and a beta of 2.84.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Wednesday, November 5th. The company reported ($3.36) EPS for the quarter, beating analysts’ consensus estimates of ($3.45) by $0.09. Equities research analysts expect that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

Insider Transactions at Praxis Precision Medicines

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 13,600 shares of the company’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $192.08, for a total transaction of $2,612,288.00. Following the completion of the sale, the insider directly owned 10,442 shares in the company, valued at $2,005,699.36. This represents a 56.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Alex Nemiroff sold 25,130 shares of the stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the sale, the general counsel directly owned 20,832 shares in the company, valued at $4,022,450.88. This trade represents a 54.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Praxis Precision Medicines

A number of institutional investors and hedge funds have recently modified their holdings of PRAX. Danske Bank A S acquired a new stake in shares of Praxis Precision Medicines in the 4th quarter valued at $59,000. Total Clarity Wealth Management Inc. bought a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at $536,000. State of New Jersey Common Pension Fund D acquired a new position in Praxis Precision Medicines during the 4th quarter worth approximately $2,068,000. Moody Aldrich Partners LLC bought a new stake in Praxis Precision Medicines in the fourth quarter valued at approximately $12,300,000. Finally, M&T Bank Corp bought a new position in Praxis Precision Medicines during the fourth quarter worth $261,000. 67.84% of the stock is currently owned by institutional investors.

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.