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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares 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 traded. The stock had previously closed at $71.87.

Analyst Ratings Changes

A number of research firms recently issued reports on PRAX. HC Wainwright reaffirmed a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research note on Thursday. Wedbush increased their target price on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, August 14th. Needham & Company LLC reissued a “buy” rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research report on Thursday. Guggenheim lifted their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, Oppenheimer lifted 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 note on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $146.33.

Praxis Precision Medicines Trading Up 3.4 %

The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of -7.56 and a beta of 2.67. The company has a 50-day moving average of $64.68 and a 200-day moving average of $54.08.

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

Institutional Trading of Praxis Precision Medicines

A number of hedge funds have recently modified their holdings of PRAX. Intech Investment Management LLC acquired a new stake in shares of Praxis Precision Medicines during the 3rd quarter worth about $217,000. CIBC Asset Management Inc boosted its stake in Praxis Precision Medicines by 29.2% during the 3rd quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock worth $14,324,000 after acquiring an additional 56,272 shares during the last quarter. Mesirow Financial Investment Management Inc. bought a new position in Praxis Precision Medicines during the 3rd quarter worth approximately $231,000. US Bancorp DE raised its holdings in Praxis Precision Medicines by 35.9% during the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after buying an additional 605 shares during the period. Finally, Moody Aldrich Partners LLC raised its holdings in Praxis Precision Medicines by 29.6% during the 3rd quarter. Moody Aldrich Partners LLC now owns 31,605 shares of the company’s stock worth $1,819,000 after buying an additional 7,224 shares during the period. 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.