Truist Financial Issues Positive Forecast for Praxis Precision Medicines (NASDAQ:PRAX) Stock Price

Praxis Precision Medicines (NASDAQ:PRAX) had its price target raised by equities researchers at Truist Financial from $150.00 to $175.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 134.65% from the company’s current price.

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

Praxis Precision Medicines Trading Up 5.7 %

PRAX stock traded up $4.04 during trading on Tuesday, hitting $74.58. The company had a trading volume of 88,548 shares, compared to its average volume of 297,627. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of -7.22 and a beta of 2.66. The business has a 50 day moving average of $74.15 and a 200 day moving average of $64.73. Praxis Precision Medicines has a fifty-two week low of $33.01 and a fifty-two week high of $86.93.

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

Insiders Place Their Bets

In other news, General Counsel Alex Nemiroff sold 8,239 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was 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 in the company, valued at $826,140.20. The trade was a 44.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lauren Mastrocola sold 5,188 shares of the company’s 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 owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. This trade represents a 48.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Amalgamated Bank acquired a new position in shares of Praxis Precision Medicines in the second quarter valued at $25,000. Quarry LP acquired a new position in shares of Praxis Precision Medicines in the second quarter valued at $83,000. US Bancorp DE raised its stake in shares of Praxis Precision Medicines by 35.9% in the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after purchasing an additional 605 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of Praxis Precision Medicines in the third quarter valued at $217,000. Finally, Mesirow Financial Investment Management Inc. acquired a new position in shares of Praxis Precision Medicines in the third quarter valued at $231,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.