Praxis Precision Medicines’ (PRAX) Buy Rating Reiterated at BTIG Research

BTIG Research reissued their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a report issued on Wednesday morning,Benzinga reports. BTIG Research currently has a $810.00 price objective on the stock.

A number of other brokerages also recently issued reports on PRAX. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $374.00 price target (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Raymond James Financial assumed coverage on Praxis Precision Medicines in a research report on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 price objective for the company. Royal Bank Of Canada assumed coverage on Praxis Precision Medicines in a research note on Wednesday, June 17th. They set an “outperform” rating and a $449.00 target price on the stock. Robert W. Baird reduced their target price on Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 2nd. Finally, Piper Sandler reiterated an “overweight” rating on shares of Praxis Precision Medicines in a research note on Monday, July 13th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $563.50.

Praxis Precision Medicines Stock Up 0.0%

Shares of Praxis Precision Medicines stock opened at $307.83 on Wednesday. The company has a market cap of $8.58 billion, a P/E ratio of -23.02 and a beta of 2.74. The firm’s 50 day moving average price is $305.75 and its 200-day moving average price is $314.42. Praxis Precision Medicines has a 52-week low of $37.19 and a 52-week high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, beating analysts’ consensus estimates of ($3.58) by $0.38. As a group, equities research analysts forecast that Praxis Precision Medicines will post -14.82 EPS for the current fiscal year.

Insider Activity

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the firm’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total value of $3,611,312.00. Following the completion of the transaction, the director owned 2,337 shares of the company’s stock, valued at approximately $727,554.84. This trade represents a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Praxis Precision Medicines

Large investors have recently made changes to their positions in the stock. NBC Securities Inc. purchased a new position in Praxis Precision Medicines in the 4th quarter worth $38,000. Parallel Advisors LLC grew its stake in Praxis Precision Medicines by 3,000.0% during the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock valued at $40,000 after purchasing an additional 120 shares during the last quarter. Danske Bank A S purchased a new stake in Praxis Precision Medicines during the 4th quarter valued at about $59,000. Tower Research Capital LLC TRC increased its holdings in shares of Praxis Precision Medicines by 24.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after purchasing an additional 359 shares during the period. Finally, Farther Finance Advisors LLC raised its stake in shares of Praxis Precision Medicines by 60.0% in the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock worth $108,000 after purchasing an additional 138 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Company Profile

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.