Praxis Precision Medicines (NASDAQ:PRAX) Trading Up 5.5% – Here’s Why

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) rose 5.5% on Tuesday . The stock traded as high as $70.89 and last traded at $70.20. Approximately 19,958 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 282,265 shares. The stock had previously closed at $66.56.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. HC Wainwright reiterated a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Wedbush raised their price target 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 reiterated a “buy” rating and set a $151.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Oppenheimer raised their target price on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Finally, Guggenheim boosted their target price on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $146.33.

Praxis Precision Medicines Price Performance

The company has a market cap of $1.29 billion, a P/E ratio of -6.88 and a beta of 2.67. The stock has a fifty day moving average price of $71.92 and a two-hundred day moving average price of $57.99.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate of ($2.01) by ($0.74). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The company had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.53 million. During the same quarter last year, the business posted ($2.70) earnings per share. Equities analysts predict that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Lauren Mastrocola sold 5,188 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $81.78, for a total transaction of $424,274.64. Following the completion of the transaction, the insider now owns 5,613 shares in the company, valued at approximately $459,031.14. This represents a 48.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $80.20, for a total transaction of $660,767.80. Following the sale, the general counsel now owns 10,301 shares of the company’s stock, valued at $826,140.20. This trade represents a 44.44 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by insiders.

Institutional Trading of Praxis Precision Medicines

A number of large investors have recently bought and sold shares of PRAX. Amalgamated Bank purchased a new stake in Praxis Precision Medicines during the second quarter valued at about $25,000. Quarry LP bought a new stake in shares of Praxis Precision Medicines in the second quarter valued at approximately $83,000. US Bancorp DE lifted its stake in shares of Praxis Precision Medicines by 35.9% during the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after buying an additional 605 shares in the last quarter. Intech Investment Management LLC bought a new position in Praxis Precision Medicines in the 3rd quarter worth approximately $217,000. Finally, Mesirow Financial Investment Management Inc. bought a new position in Praxis Precision Medicines in the 3rd quarter worth approximately $231,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.