Praxis Precision Medicines (NASDAQ:PRAX) Hits New 52-Week High – Should You Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $87.12 and last traded at $86.59, with a volume of 231074 shares traded. The stock had previously closed at $83.49.

Wall Street Analysts Forecast Growth

PRAX has been the topic of several research reports. 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 research report on Thursday, October 31st. HC Wainwright reiterated a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Needham & Company LLC reissued a “buy” rating and issued a $151.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Finally, Truist Financial boosted their target price on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $149.11.

Praxis Precision Medicines Stock Performance

The firm has a market capitalization of $1.62 billion, a P/E ratio of -8.43 and a beta of 2.65. The business has a 50 day simple moving average of $74.98 and a two-hundred day simple moving average of $67.39.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) earnings per share 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 the consensus estimate of $0.53 million. During the same quarter in the previous year, the firm posted ($2.70) earnings per share. On average, equities analysts anticipate that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

Insider Transactions at Praxis Precision Medicines

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total value of $660,767.80. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Lauren Mastrocola sold 5,188 shares of the business’s stock in a transaction that occurred on 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 directly owns 5,613 shares in the company, valued at $459,031.14. This trade represents a 48.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System increased its position in shares of Praxis Precision Medicines by 4.2% during the fourth quarter. Arizona State Retirement System now owns 3,851 shares of the company’s stock valued at $296,000 after buying an additional 156 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Praxis Precision Medicines by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 142,892 shares of the company’s stock valued at $10,997,000 after purchasing an additional 5,840 shares during the period. New York State Common Retirement Fund grew its stake in Praxis Precision Medicines by 12.1% in the fourth quarter. New York State Common Retirement Fund now owns 7,847 shares of the company’s stock worth $604,000 after purchasing an additional 847 shares during the period. CIBC Asset Management Inc lifted its position in Praxis Precision Medicines by 47.3% during the fourth quarter. CIBC Asset Management Inc now owns 366,756 shares of the company’s stock valued at $28,226,000 after buying an additional 117,817 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at $48,000. 67.84% of the stock is currently 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.