Praxis Precision Medicines (NASDAQ:PRAX) Trading 5.8% Higher – Here’s Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price shot up 5.8% during mid-day trading on Monday . The stock traded as high as $82.07 and last traded at $80.98. 168,566 shares traded hands during trading, a decline of 50% from the average session volume of 340,280 shares. The stock had previously closed at $76.55.

Wall Street Analyst Weigh In

Several analysts have commented on PRAX shares. Truist Financial boosted their target price on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Oppenheimer upped their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Needham & Company LLC reissued a “buy” rating and set a $151.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Finally, HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $149.11.

Praxis Precision Medicines Stock Up 5.7 %

The firm has a market cap of $1.64 billion, a price-to-earnings ratio of -8.57 and a beta of 2.65. The business’s fifty day moving average is $74.51 and its two-hundred day moving average is $66.89.

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

Insider Buying and Selling

In other news, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the completion of the transaction, the insider now owns 5,613 shares of the company’s stock, valued at $459,031.14. This trade represents a 48.03 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $80.20, for a total transaction of $660,767.80. Following the completion of the sale, the general counsel now directly owns 10,301 shares in the company, valued at approximately $826,140.20. The trade was 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 currently owned by company insiders.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. CIBC Asset Management Inc raised its holdings in Praxis Precision Medicines by 29.2% in the 3rd quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock valued at $14,324,000 after acquiring an additional 56,272 shares in the last quarter. Barclays PLC raised its position in Praxis Precision Medicines by 126.8% during the third quarter. Barclays PLC now owns 37,130 shares of the company’s stock valued at $2,136,000 after purchasing an additional 20,759 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Praxis Precision Medicines by 85.6% in the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after purchasing an additional 205,335 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Praxis Precision Medicines by 369.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company’s stock worth $548,000 after buying an additional 7,496 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Praxis Precision Medicines by 326.9% during the 3rd quarter. Wellington Management Group LLP now owns 219,907 shares of the company’s stock worth $12,653,000 after buying an additional 168,394 shares during the last quarter. 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.