Needham Reiterates Buy Rating on Praxis Precision Medicines
Needham maintains its buy rating on Praxis Precision Medicines with a $575 target, a 71.75% upside from the current price.
Key Points
- Needham reiterated its buy rating on Praxis Precision Medicines, setting a price target of $575 on June 29, 2026.
- Needham's $575 price target implies 71.75% upside from Praxis Precision Medicines, Inc.'s ($PRAX) current $334.79 share price.
- Shares of NasdaqGS:PRAX traded near $327.79 on Monday, with a market cap of approximately $9.14 billion.
- Praxis has received several buy ratings from analysts, with a consensus target price of $617.67.
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Needham reiterated its buy rating on Praxis Precision Medicines, Inc. (NasdaqGS:PRAX) on June 29, 2026, maintaining a price target of $575. The stock traded near $327.79 on Monday, reflecting the firm's continued confidence in the company's prospects.
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Analysts Set New Price Targets
On June 29, 2026, Needham maintained its buy rating on Praxis Precision Medicines with a $575 price target. Earlier in the month, RBC Capital initiated coverage with a buy rating and a $449 target. On June 2, multiple firms including Oppenheimer, Truist Securities, Deutsche Bank, and Baird maintained buy ratings, with price targets ranging from $374 to $650. HC Wainwright & Co. also maintained a buy rating, setting the highest target at $1201. Meanwhile, Wedbush maintained a sell rating with a $162 target. Overall, the consensus among 18 analysts is a strong buy, with a mean target price of $617.67.
Praxis Precision Medicines, Inc. Stock Down 2.9%
Shares of Praxis Precision Medicines traded near $327.79 on Monday. The company, with a market cap of about $9.14 billion, operates in the biotechnology sector. It has a beta of 2.749, indicating higher volatility compared to the market. Over the past year, the stock's price ranged from a low of $37.19 to a high of $366.52. The company has a 50-day moving average of $314.76 and a 200-day moving average of $252.07. Despite its promising pipeline, Praxis is not yet profitable, reflected in its negative forward P/E ratio of -33.41.
$PRAX price target
Past daily closes and this analyst's 12-month price target. Not investment advice.
Insider Buying and Selling at Praxis Precision Medicines, Inc.
Recent insider activity at Praxis Precision Medicines includes several transactions by Jill DeSimone and others. On June 24, 2026, Jill DeSimone sold 11,600 shares at an average price of $311.32 under a planned sale. On the same day, she also bought 11,600 shares at $71.20. Earlier in the month, on June 10, Dean Mitchell and Stuart Arbuckle each purchased 648 shares without a specified price.
Other Institutional Activity in Praxis Precision Medicines
Several institutional investors have adjusted their positions in Praxis Precision Medicines. Janus Henderson Group PLC increased its holdings by 218,777 shares, resulting in a total of 3,458,863 shares valued at about $1.11 billion. Orbis Allan Gray Ltd significantly boosted its stake by 1,217,318 shares, now holding 2,472,480 shares worth approximately $796.61 million. BlackRock, Inc. added 246,429 shares, bringing its total to 2,324,929 shares valued at around $749.07 million. FMR LLC increased its position by 802,268 shares, holding 2,160,943 shares valued at about $696.23 million. Additionally, Perceptive Advisors LLC grew its holdings by 40,000 shares, now owning 2,035,986 shares worth approximately $655.97 million.
About Praxis Precision Medicines
Praxis Precision Medicines, Inc. is a clinical-stage biopharmaceutical company based in Boston, Massachusetts. It focuses on developing therapies for central nervous system disorders characterized by an imbalance in neuronal excitation and inhibition. The company utilizes platforms like Cerebrum and Solidus to create small molecule and antisense oligonucleotide therapies. Praxis is actively developing several drug candidates, including ulixacaltamide and relutrigine, targeted at various neurological conditions. Founded in 2015, the company is led by CEO Mr. Marcio Silva De'Souza and employs 168 people.
Bottom Line
Needham's reaffirmation of a buy rating and a $575 price target for Praxis Precision Medicines highlights continued optimism in the company's future. While the stock's current trading price is well below the target, the high analyst consensus target suggests significant potential upside. Investors should note that these ratings are based on past performance and projections, and actual results may vary.
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