Praxis Precision Medicines (NASDAQ:PRAX) Now Covered by Deutsche Bank Aktiengesellschaft

Equities researchers at Deutsche Bank Aktiengesellschaft initiated coverage on shares of Praxis Precision Medicines (NASDAQ:PRAX) in a research note issued to investors on Tuesday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $111.00 price target on the stock. Deutsche Bank Aktiengesellschaft’s price target would indicate a potential upside of 30.82% from the stock’s current price.

Several other research analysts also recently weighed in on the company. 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. Truist Financial boosted their price target on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Needham & Company LLC restated a “buy” rating and set a $150.00 price objective on shares of Praxis Precision Medicines in a report on Monday. Finally, Oppenheimer upped their price objective 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 equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $145.20.

Praxis Precision Medicines Stock Performance

PRAX stock opened at $84.85 on Tuesday. Praxis Precision Medicines has a 1 year low of $33.01 and a 1 year high of $90.33. The stock’s 50 day moving average price is $75.12 and its 200 day moving average price is $67.72. The firm has a market cap of $1.58 billion, a P/E ratio of -8.24 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 dated 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 transaction, the insider now directly owns 5,613 shares of the company’s stock, valued at $459,031.14. This represents a 48.03 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Alex Nemiroff sold 8,239 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were 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 of the company’s stock, valued at approximately $826,140.20. The trade was a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRAX. Assenagon Asset Management S.A. boosted its position in Praxis Precision Medicines by 5,437.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after buying an additional 548,986 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Praxis Precision Medicines by 85.6% during the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock worth $25,619,000 after purchasing an additional 205,335 shares during the last quarter. Baker BROS. Advisors LP lifted its position in shares of Praxis Precision Medicines by 145.6% during the third quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company’s stock worth $18,591,000 after purchasing an additional 191,572 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Praxis Precision Medicines by 326.9% during the third quarter. Wellington Management Group LLP now owns 219,907 shares of the company’s stock worth $12,653,000 after purchasing an additional 168,394 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Praxis Precision Medicines by 37.2% during the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock worth $30,079,000 after purchasing an additional 141,881 shares during the last quarter. 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.