Praxis Precision Medicines (NASDAQ:PRAX) Sees Unusually-High Trading Volume – Time to Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares saw an uptick in trading volume on Tuesday . 442,241 shares changed hands during trading, an increase of 57% from the previous session’s volume of 282,460 shares.The stock last traded at $74.82 and had previously closed at $74.68.

Analyst Ratings Changes

Several research firms have weighed in on PRAX. Needham & Company LLC restated a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Oppenheimer raised their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Wedbush raised their target price on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Finally, Guggenheim raised their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $146.33.

Praxis Precision Medicines Trading Up 6.4 %

The business’s 50-day simple moving average is $68.75 and its two-hundred day simple moving average is $55.89. The company has a market capitalization of $1.48 billion, a PE ratio of -7.25 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.01) by ($0.74). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The firm had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.53 million. During the same quarter in the previous year, the company earned ($2.70) EPS. On average, analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current year.

Insider Buying and Selling at Praxis Precision Medicines

In other news, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $81.78, for a total transaction of $424,274.64. Following the transaction, the insider now directly owns 5,613 shares in the company, valued at approximately $459,031.14. This trade represents a 48.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total value of $660,767.80. Following the transaction, the general counsel now owns 10,301 shares in the company, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds have recently modified their holdings of PRAX. Amalgamated Bank acquired a new position in shares of Praxis Precision Medicines during the 2nd quarter valued at $25,000. Quarry LP acquired a new position in shares of Praxis Precision Medicines in the 2nd quarter worth $83,000. US Bancorp DE grew its holdings in shares of Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after acquiring an additional 605 shares during the last quarter. Intech Investment Management LLC acquired a new position in shares of Praxis Precision Medicines in the 3rd quarter worth $217,000. Finally, Mesirow Financial Investment Management Inc. acquired a new position in shares of Praxis Precision Medicines in the 3rd quarter worth $231,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.