Praxis Precision Medicines (NASDAQ:PRAX) Trading 5.6% Higher

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price traded up 5.6% during mid-day trading on Wednesday . The stock traded as high as $58.91 and last traded at $58.50. 91,255 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 276,649 shares. The stock had previously closed at $55.38.

Analyst Ratings Changes

Several research firms recently commented on PRAX. HC Wainwright reiterated a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday. Guggenheim lifted their price target on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Wedbush boosted their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $145.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday. Finally, Truist Financial reiterated a “buy” rating and issued a $150.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, May 16th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $143.44.

Praxis Precision Medicines Stock Down 7.0 %

The company has a market capitalization of $939.23 million, a P/E ratio of -3.42 and a beta of 2.72. The firm’s 50-day moving average price is $51.92 and its 200 day moving average price is $49.81.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($1.74) EPS for the quarter, topping the consensus estimate of ($2.38) by $0.64. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. The firm had revenue of $0.36 million during the quarter, compared to the consensus estimate of $1.44 million. As a group, equities research analysts expect that Praxis Precision Medicines, Inc. will post -8.5 EPS for the current year.

Institutional Trading of Praxis Precision Medicines

Several institutional investors and hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD purchased a new stake in Praxis Precision Medicines in the 1st quarter valued at about $32,707,000. Vanguard Group Inc. lifted its holdings in Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after acquiring an additional 373,131 shares during the period. Janus Henderson Group PLC bought a new stake in Praxis Precision Medicines during the first quarter worth $18,878,000. Hussman Strategic Advisors Inc. purchased a new position in Praxis Precision Medicines in the second quarter worth $869,000. Finally, Wildcat Capital Management LLC bought a new position in Praxis Precision Medicines in the 4th quarter valued at $373,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

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.