Needham & Company LLC Reiterates “Buy” Rating for Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines (NASDAQ:PRAX)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a report issued on Monday,Benzinga reports. They presently have a $150.00 price target on the stock. Needham & Company LLC’s price target would indicate a potential upside of 72.65% from the stock’s current price.

Several other equities research analysts have also commented on the stock. Truist Financial raised their price target on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. HC Wainwright reiterated a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Finally, 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. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Praxis Precision Medicines currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.00.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock opened at $86.88 on Monday. Praxis Precision Medicines has a one year low of $33.01 and a one year high of $90.33. The company has a 50-day simple moving average of $74.98 and a 200-day simple moving average of $67.52. The firm has a market capitalization of $1.62 billion, a P/E ratio of -8.43 and a beta of 2.65.

Insider Activity at Praxis Precision Medicines

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 5,188 shares of the company’s stock in a transaction 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 represents a 48.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Alex Nemiroff sold 8,239 shares of the business’s stock in a transaction 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 directly owns 10,301 shares in the company, valued at $826,140.20. This trade represents a 44.44 % 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 Trading of Praxis Precision Medicines

Hedge funds have recently bought and sold shares of the company. Arizona State Retirement System boosted its position in shares of Praxis Precision Medicines by 4.2% in the fourth quarter. Arizona State Retirement System now owns 3,851 shares of the company’s stock worth $296,000 after buying an additional 156 shares during the period. Charles Schwab Investment Management Inc. increased its position in Praxis Precision Medicines by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 142,892 shares of the company’s stock worth $10,997,000 after buying an additional 5,840 shares during the last quarter. New York State Common Retirement Fund raised its stake in shares of Praxis Precision Medicines by 12.1% in the 4th quarter. New York State Common Retirement Fund now owns 7,847 shares of the company’s stock valued at $604,000 after acquiring an additional 847 shares in the last quarter. CIBC Asset Management Inc raised its position in shares of Praxis Precision Medicines by 47.3% in the fourth quarter. CIBC Asset Management Inc now owns 366,756 shares of the company’s stock valued at $28,226,000 after purchasing an additional 117,817 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Praxis Precision Medicines during the 4th quarter worth $48,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Company Profile

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.