Praxis Precision Medicines (NASDAQ:PRAX) Sets New 1-Year High – Here’s Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) reached a new 52-week high on Thursday . The company traded as high as $75.87 and last traded at $74.56, with a volume of 210725 shares. The stock had previously closed at $71.87.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PRAX shares. HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research report on Thursday. Wedbush increased their price target on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 14th. Oppenheimer increased 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. Guggenheim increased their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Finally, Needham & Company LLC reissued a “buy” rating and set a $151.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $146.33.

Praxis Precision Medicines Stock Up 3.4 %

The firm has a market capitalization of $1.38 billion, a P/E ratio of -7.56 and a beta of 2.67. The business’s 50 day moving average is $64.68 and its 200-day moving average is $54.08.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.38) by $0.64. The business had revenue of $0.36 million for the quarter, compared to analyst estimates of $1.44 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 63.06%. Research analysts forecast that Praxis Precision Medicines, Inc. will post -8.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PRAX. Point72 Asset Management L.P. grew its holdings in Praxis Precision Medicines by 10.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock worth $43,498,000 after acquiring an additional 97,561 shares during the last quarter. RA Capital Management L.P. purchased a new position in Praxis Precision Medicines in the first quarter worth about $50,548,000. Vanguard Group Inc. raised its holdings in shares of Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after purchasing an additional 373,131 shares during the last quarter. Price T Rowe Associates Inc. MD purchased a new position in shares of Praxis Precision Medicines during the first quarter valued at approximately $32,707,000. Finally, Kingdon Capital Management L.L.C. raised its holdings in shares of Praxis Precision Medicines by 1.0% during the first quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock valued at $21,357,000 after purchasing an additional 3,335 shares during the last quarter. 67.84% of the stock is owned by 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.