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

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw unusually-strong trading volume on Tuesday . Approximately 442,241 shares were traded during mid-day 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 analysts have commented on PRAX shares. Wedbush raised their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. Guggenheim lifted their price objective 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. Oppenheimer lifted their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. HC Wainwright reaffirmed a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $151.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $146.33.

Praxis Precision Medicines Stock Performance

The company has a market cap of $1.48 billion, a PE ratio of -7.71 and a beta of 2.67. The business’s 50-day moving average is $69.59 and its 200 day moving average is $56.27.

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

Insider Buying and Selling at Praxis Precision Medicines

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 5,188 shares of the business’s 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 transaction, the insider now owns 5,613 shares in the company, valued at approximately $459,031.14. The trade was a 48.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Alex Nemiroff sold 8,239 shares of the business’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 transaction, the general counsel now owns 10,301 shares in the company, valued at $826,140.20. The trade was a 44.44 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently modified their holdings of the stock. Amalgamated Bank purchased a new position in shares of Praxis Precision Medicines during the second quarter valued at about $25,000. Quarry LP purchased a new position in shares of Praxis Precision Medicines during the second quarter valued at about $83,000. US Bancorp DE increased its position in shares of Praxis Precision Medicines by 35.9% during the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after buying an additional 605 shares during the period. Intech Investment Management LLC purchased a new position in shares of Praxis Precision Medicines during the third quarter valued at about $217,000. Finally, Mesirow Financial Investment Management Inc. purchased a new position in shares of Praxis Precision Medicines during the third quarter valued at about $231,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

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.