Praxis Precision Medicines (NASDAQ:PRAX) Coverage Initiated by Analysts at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft began coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note published on Tuesday morning, MarketBeat reports. The firm issued a buy rating and a $111.00 target price on the stock.

A number of other research analysts have also recently weighed in on PRAX. Truist Financial lifted their price objective on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. HC Wainwright restated a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Needham & Company LLC reiterated a “buy” rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a research note on Monday. Finally, Oppenheimer upped their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $145.20.

Praxis Precision Medicines Price Performance

Shares of Praxis Precision Medicines stock opened at $84.24 on Tuesday. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of -8.18 and a beta of 2.65. The business has a 50-day moving average of $75.36 and a 200 day moving average of $67.90. Praxis Precision Medicines has a 12 month low of $33.01 and a 12 month high of $90.33.

Insider Transactions at Praxis Precision Medicines

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lauren Mastrocola sold 5,188 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total transaction of $424,274.64. Following the completion of the transaction, the insider now owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. The trade was a 48.03 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently bought and sold shares of PRAX. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Praxis Precision Medicines during the fourth quarter worth about $48,000. US Bancorp DE grew its stake in Praxis Precision Medicines by 35.9% during the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after buying an additional 605 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in Praxis Precision Medicines during the fourth quarter worth approximately $215,000. Fox Run Management L.L.C. purchased a new stake in Praxis Precision Medicines in the fourth quarter valued at approximately $246,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Praxis Precision Medicines in the third quarter valued at approximately $217,000. 67.84% of the stock is owned by hedge funds and other 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.