Praxis Precision Medicines (NASDAQ:PRAX) Hits New 12-Month High – Here’s What Happened

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $364.03 and last traded at $362.7580, with a volume of 65193 shares trading hands. The stock had previously closed at $350.60.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PRAX. TD Cowen reissued a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, January 29th. Jefferies Financial Group reissued a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, May 7th. BTIG Research reissued a “buy” rating and issued a $843.00 target price on shares of Praxis Precision Medicines in a research report on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft set a $420.00 price objective on shares of Praxis Precision Medicines in a research report on Friday, May 8th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $1,245.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday. Four analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $592.67.

Praxis Precision Medicines Price Performance

The company’s 50-day moving average is $323.22 and its two-hundred day moving average is $291.67. The firm has a market cap of $9.89 billion, a P/E ratio of -26.52 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, topping the consensus estimate of ($3.58) by $0.38. On average, analysts expect that Praxis Precision Medicines, Inc. will post -14.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. CTC Alternative Strategies Ltd. bought a new position in shares of Praxis Precision Medicines in the first quarter worth about $298,000. Vivo Capital LLC lifted its holdings in shares of Praxis Precision Medicines by 3.0% in the first quarter. Vivo Capital LLC now owns 338,895 shares of the company’s stock worth $109,189,000 after acquiring an additional 10,000 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Praxis Precision Medicines by 2.3% in the first quarter. Bank of America Corp DE now owns 534,604 shares of the company’s stock worth $172,244,000 after acquiring an additional 11,841 shares during the last quarter. Stempoint Capital LP lifted its holdings in shares of Praxis Precision Medicines by 167.1% in the first quarter. Stempoint Capital LP now owns 56,267 shares of the company’s stock worth $18,129,000 after acquiring an additional 35,200 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Praxis Precision Medicines by 6.8% in the first quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock worth $1,113,514,000 after acquiring an additional 218,777 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

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.