Praxis Precision Medicines (NASDAQ:PRAX) Sees Strong Trading Volume

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares saw strong trading volume on Monday . 383,779 shares were traded during mid-day trading, an increase of 78% from the previous session’s volume of 215,702 shares.The stock last traded at $46.00 and had previously closed at $46.89.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Wedbush lifted their price objective on Praxis Precision Medicines from $16.00 to $29.00 and gave the company a “neutral” rating in a research note on Friday, January 12th. Jefferies Financial Group lifted their price objective on Praxis Precision Medicines from $75.00 to $128.00 and gave the company a “buy” rating in a research note on Tuesday, March 26th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, March 26th.

Praxis Precision Medicines Trading Up 1.9 %

The firm has a fifty day moving average of $51.09 and a 200 day moving average of $33.71.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Tuesday, March 5th. The company reported ($2.97) EPS for the quarter, beating the consensus estimate of ($3.05) by $0.08. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%. The business had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.30 million. As a group, research analysts predict that Praxis Precision Medicines, Inc. will post -8.64 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Simplex Trading LLC acquired a new position in shares of Praxis Precision Medicines in the 4th quarter worth approximately $31,000. Jump Financial LLC acquired a new position in shares of Praxis Precision Medicines in the 3rd quarter worth approximately $56,000. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Praxis Precision Medicines by 45.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock worth $96,000 after acquiring an additional 17,428 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Praxis Precision Medicines by 409.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 75,077 shares of the company’s stock worth $128,000 after acquiring an additional 60,342 shares in the last quarter. Finally, Citigroup Inc. grew its position in shares of Praxis Precision Medicines by 44,585.5% in the 3rd quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock worth $142,000 after acquiring an additional 82,929 shares in the last quarter. 67.84% of the stock is currently 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.