# Praxis Precision Medicines, Inc. (PRAX)

> Source: Nexqual · https://nexqual.com/PRAX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Praxis Precision Medicines, Inc. (PRAX), nexqual.com/PRAX" · informational, not investment advice.

**Price:** USD 258.92 (+0.96% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 256.47 · day 253.05–263.5 · 52w 154.45–392.7 · market cap $7.23B · NMS

## Key facts
- 1 of 80 tracked superinvestors hold PRAX (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $3.6M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.95 on a 1–5 scale) (21 analysts), mean target USD 650 (range 188–1,201).
- Total return with dividends: 1Y +45.5% vs S&P 500 +14.9%; 5Y -21.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD -3.63, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | $0K | $2.4M | $8.6M | $0K | — |
| Operating income | -$167M | -$215M | -$126M | -$200M | -$326M | -$378M |
| Net income | -$167M | -$214M | -$123M | -$183M | -$303M | -$339M |
| EPS (diluted) | -$59.10 | -$69.65 | -$18.69 | -$10.21 | -$13.48 | — |
| Free cash flow | -$126M | -$185M | -$111M | -$132M | -$249M | -$305M |
| Operating margin | — | — | -5164.4% | -2340.3% | — | — |
| Net margin | — | — | -5037.9% | -2137.5% | — | — |
| Revenue growth | — | — | — | +249.5% | -100.0% | — |
| Cash + short-term investments | $276M | $100M | $0K | $470M | $926M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 5.4x · FCF yield -4.22% · Earnings yield -4.69%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PRAX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.02% | $2.4M | Reduced -27.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-24 | Desimone Jill | Director | 11,600 | $3.6M | 83.2% | Yes (adopted March 25, 2026) | Too little history (no open-market trades in 2024 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.95 on a 1–5 scale), 21 analysts; mean target USD 650 (low 188, high 1,201).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | JP Morgan | Initiated | Overweight | $700 |
| 2026-10-15 | UBS | Initiated | Buy | $706 |
| 2026-10-15 | HC Wainwright & Co. | Reiterated | Buy | $1201 |
| 2026-10-06 | HC Wainwright & Co. | Reiterated | Buy | $1201 |
| 2026-10-06 | BTIG | Target raised | Buy | $810 → $826 |
| 2026-09-24 | HC Wainwright & Co. | Reiterated | Buy | $1201 |
| 2026-09-24 | Needham | Reiterated | Buy | $582 |
| 2026-08-21 | Goldman Sachs | Target raised | Buy | $470 → $575 |
| 2026-08-07 | RBC Capital | Target raised | Outperform | $449 → $462 |
| 2026-08-07 | Wells Fargo | Target raised | Equal-Weight | $323 → $362 |
| 2026-08-06 | Needham | Target raised | Buy | $575 → $582 |
| 2026-07-29 | BTIG | Reiterated | Buy | $810 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +45.5% | -21.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +45.6% | -4.7% |
| Volatility (annualized) | 72.2% | 135.2% |
| Max drawdown | -38.1% (Aug 2026→Oct 2026) | -96.3% (Nov 2021→Mar 2023) |

## Peers (Biotechnology)
IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49% · TGTX (TG Therapeutics, Inc.) USD 53.16 -0.08% · ARWR (Arrowhead Pharmaceuticals, Inc.) USD 58.36 -0.82% · AXSM (Axsome Therapeutics, Inc.) USD 156.07 -0.15% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28%

## More
Full page: https://nexqual.com/PRAX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PRAX's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1689548/000168954826000029/prax-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | IONIS PHARMACEUTICALS INC (IONS) | "RogCon had an existing collaboration arrangement with Ionis Pharmaceuticals, Inc., or Ionis, and as a result, we and Ionis negotiated a Research Collaboration, Option and License Agreement, or the Ionis Agreement, (descr…" |
| Partner | RogCon | "In September 2019, we and RogCon, Inc., or RogCon, entered into a Cooperation and License Agreement, or the RogCon Agreement, to collaborate to develop ASOs for the treatment of epilepsy caused by mutations of the SCN2A …" |

## Company outlook (8-K filed 2026-08-06)

- "Ulixacaltamide is the first and only investigational therapy to demonstrate positive results in a Phase 3 program in ET and was granted Breakthrough Therapy Designation by the FDA in December 2025. • NDA review is progressing as expected, with a PDUFA date of January 29, 2027. • The mid-cycle meeting was successfully completed and the FDA identified no major safety or efficacy concerns to date."
- "The inspection was completed successfully, and no form 483 was issued. • Acknowledging the late-stage discussions with the FDA in relation to both applications, Praxis does not intend to communicate regulatory updates going forward until the expected PDUFA dates."
- "The Company's cash, cash equivalents and marketable securities as of June 30, 2026 are expected to fund operations into 2028."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-3.63 | $-4.03 | -9.7% | $0 | 19 |
| Next quarter (ends 2026-12-31) | $-4.24 | $-4.34 | -2.1% | $830,710 | 19 |
| Current fiscal year (ends 2026-12-31) | $-14.02 | $-15.32 | -8.5% | $830,710 | 19 |
| Next fiscal year (ends 2027-12-31) | $-9.50 | $-9.66 | -1.6% | $345.1M | 18 |