Needham & Company LLC Forecasts Strong Price Appreciation for Praxis Precision Medicines (NASDAQ:PRAX) Stock

by · The Markets Daily

Praxis Precision Medicines (NASDAQ:PRAX – Get Free Report) had its target price lifted by analysts at Needham & Company LLC from $304.00 to $315.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 27.02% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Praxis Precision Medicines in a research report on Monday, December 1st. Guggenheim reiterated a “buy” rating and set a $540.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 6th. Jones Trading initiated coverage on Praxis Precision Medicines in a research report on Thursday, September 18th. They issued a “buy” rating and a $83.00 price objective for the company. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $303.00 target price on shares of Praxis Precision Medicines in a research note on Friday. Finally, Piper Sandler reissued an “overweight” rating and issued a $450.00 price target on shares of Praxis Precision Medicines in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and an average target price of $291.62.

Read Our Latest Analysis on Praxis Precision Medicines

Praxis Precision Medicines Price Performance

Shares of PRAX stock opened at $247.99 on Monday. The stock’s 50-day moving average is $150.61 and its 200 day moving average is $83.04. Praxis Precision Medicines has a 1-year low of $26.70 and a 1-year high of $277.44. The company has a market cap of $6.20 billion, a P/E ratio of -19.22 and a beta of 2.95.

Praxis Precision Medicines (NASDAQ:PRAX – Get Free Report) last announced its earnings results on Wednesday, November 5th. The company reported ($3.36) EPS for the quarter, topping analysts’ consensus estimates of ($3.45) by $0.09. On average, analysts anticipate that Praxis Precision Medicines will post -10.22 EPS for the current year.

Insider Activity

In other news, General Counsel Alex Nemiroff sold 25,130 shares of the firm’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $193.09, for a total value of $4,852,351.70. Following the completion of the transaction, 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Lauren Mastrocola sold 13,600 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $192.08, for a total value of $2,612,288.00. Following the completion of the sale, the insider owned 10,442 shares in the company, valued at approximately $2,005,699.36. This represents a 56.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors have recently made changes to their positions in the company. Woodline Partners LP increased its holdings in Praxis Precision Medicines by 1,666.5% in the first quarter. Woodline Partners LP now owns 175,727 shares of the company’s stock valued at $6,655,000 after buying an additional 165,779 shares in the last quarter. Aberdeen Group plc boosted its stake in shares of Praxis Precision Medicines by 143.5% during the 2nd quarter. Aberdeen Group plc now owns 214,056 shares of the company’s stock worth $9,001,000 after acquiring an additional 126,153 shares in the last quarter. Kennedy Capital Management LLC grew its position in shares of Praxis Precision Medicines by 7.9% during the 2nd quarter. Kennedy Capital Management LLC now owns 70,445 shares of the company’s stock valued at $2,962,000 after acquiring an additional 5,180 shares during the period. Capital Fund Management S.A. acquired a new stake in shares of Praxis Precision Medicines during the 2nd quarter valued at about $1,021,000. Finally, Geode Capital Management LLC increased its stake in shares of Praxis Precision Medicines by 8.1% in the 2nd quarter. Geode Capital Management LLC now owns 451,731 shares of the company’s stock valued at $18,997,000 after purchasing an additional 33,715 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Company Profile

(Get Free Report)

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.

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