Praxis Precision Medicines (NASDAQ:PRAX) Trading Up 7.5% – What’s Next?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares were up 7.5% during trading on Friday . The company traded as high as $267.60 and last traded at $266.6930. Approximately 188,830 shares changed hands during trading, a decline of 59% from the average daily volume of 463,474 shares. The stock had previously closed at $247.98.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PRAX shares. Oppenheimer reiterated an “outperform” rating and set a $650.00 target price (down from $750.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. HC Wainwright lowered their price objective on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating on the stock in a research report on Tuesday, June 2nd. Wedbush lowered their price objective on shares of Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating on the stock in a research report on Tuesday, June 2nd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $374.00 price objective (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $510.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, April 14th. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $572.72.

Praxis Precision Medicines Stock Up 8.1%

The company has a fifty day moving average of $320.38 and a two-hundred day moving average of $300.81. The stock has a market capitalization of $7.47 billion, a price-to-earnings ratio of -20.04 and a beta of 2.71.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.58) by $0.38. Equities analysts anticipate that Praxis Precision Medicines, Inc. will post -14.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Large investors have recently modified their holdings of the business. NBC Securities Inc. purchased a new position in shares of Praxis Precision Medicines during the 4th quarter worth approximately $38,000. Parallel Advisors LLC grew its position in Praxis Precision Medicines by 3,000.0% during the first quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after buying an additional 120 shares during the period. Danske Bank A S acquired a new position in Praxis Precision Medicines during the fourth quarter worth about $59,000. GAMMA Investing LLC grew its position in Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after buying an additional 88 shares during the period. Finally, Tower Research Capital LLC TRC grew its position in Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after buying an additional 359 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.