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

Praxis Precision Medicines (NASDAQ:PRAX) had its price target raised by 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 points to a potential upside of 134.65% from the company’s current price.

PRAX has been the topic of several other research reports. HC Wainwright reiterated a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, December 12th. Oppenheimer raised their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $151.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and a consensus target price of $149.11.

Praxis Precision Medicines Stock Up 5.7 %

Praxis Precision Medicines stock traded up $4.04 during mid-day trading on Tuesday, hitting $74.58. 88,548 shares of the company were exchanged, compared to its average volume of 297,627. The business has a fifty day moving average of $74.15 and a 200 day moving average of $64.73. Praxis Precision Medicines has a 1-year low of $33.01 and a 1-year high of $86.93. The company has a market capitalization of $1.39 billion, a PE ratio of -7.22 and a beta of 2.66.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its 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). The business had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.53 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. During the same quarter in the previous year, the company posted ($2.70) EPS. Research analysts expect that Praxis Precision Medicines will post -10.26 earnings per share for the current year.

Insider Transactions at Praxis Precision Medicines

In related news, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total value of $660,767.80. Following the sale, the general counsel now owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the completion of the sale, the insider now directly owns 5,613 shares in the company, valued at approximately $459,031.14. This represents a 48.03 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PRAX. Assenagon Asset Management S.A. grew its stake in Praxis Precision Medicines by 5,437.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after purchasing an additional 548,986 shares in the last quarter. Franklin Resources Inc. grew its stake in Praxis Precision Medicines by 85.6% in the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after purchasing an additional 205,335 shares in the last quarter. Baker BROS. Advisors LP grew its stake in Praxis Precision Medicines by 145.6% in the third quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company’s stock valued at $18,591,000 after purchasing an additional 191,572 shares in the last quarter. Wellington Management Group LLP grew its stake in Praxis Precision Medicines by 326.9% in the third quarter. Wellington Management Group LLP now owns 219,907 shares of the company’s stock valued at $12,653,000 after purchasing an additional 168,394 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in Praxis Precision Medicines by 37.2% in the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock valued at $30,079,000 after purchasing an additional 141,881 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors.

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.