Praxis Precision Medicines (NASDAQ:PRAX) Issues Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Praxis Precision Medicines (NASDAQ:PRAX) issued its quarterly earnings results on Wednesday. The company reported ($3.36) EPS for the quarter, beating the consensus estimate of ($3.45) by $0.09, Zacks reports.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock traded down $9.30 during mid-day trading on Wednesday, reaching $162.45. 999,980 shares of the company were exchanged, compared to its average volume of 555,651. Praxis Precision Medicines has a fifty-two week low of $26.70 and a fifty-two week high of $206.71. The company has a market capitalization of $3.44 billion, a P/E ratio of -13.26 and a beta of 2.82. The business’s 50 day simple moving average is $86.25 and its 200 day simple moving average is $59.19.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently modified their holdings of PRAX. Tower Research Capital LLC TRC raised its holdings in Praxis Precision Medicines by 24.3% during the 2nd 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. Exome Asset Management LLC acquired a new position in shares of Praxis Precision Medicines in the second quarter valued at $2,481,000. Brevan Howard Capital Management LP bought a new position in shares of Praxis Precision Medicines during the second quarter valued at $358,000. Adage Capital Partners GP L.L.C. increased its stake in shares of Praxis Precision Medicines by 13.3% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock valued at $83,031,000 after buying an additional 231,827 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Praxis Precision Medicines by 103.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,873 shares of the company’s stock valued at $1,005,000 after buying an additional 12,165 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on PRAX. Truist Financial restated a “buy” rating and set a $360.00 price target (up previously from $85.00) on shares of Praxis Precision Medicines in a research report on Friday, October 17th. Jefferies Financial Group reaffirmed a “buy” rating and set a $300.00 target price (up from $65.00) on shares of Praxis Precision Medicines in a research note on Thursday, October 16th. Wedbush boosted their price target on shares of Praxis Precision Medicines from $33.00 to $73.00 and gave the company an “underperform” rating in a research note on Monday, October 20th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $280.00 target price (up from $65.00) on shares of Praxis Precision Medicines in a research note on Friday, October 17th. Finally, Guggenheim set a $350.00 price target on shares of Praxis Precision Medicines and gave the stock a “buy” rating in a report on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $222.36.

Praxis Precision Medicines Company Profile

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.