Praxis Precision Medicines (NASDAQ:PRAX) Trading Up 6.1% – What’s Next?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price traded up 6.1% on Thursday . The company traded as high as $32.00 and last traded at $31.64. 64,228 shares changed hands during trading, a decline of 83% from the average session volume of 374,984 shares. The stock had previously closed at $29.83.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price objective on the stock. Robert W. Baird lowered their price target on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Truist Financial reduced their price objective on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. HC Wainwright lowered their target price on Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $85.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $123.33.

Praxis Precision Medicines Stock Up 13.3 %

The business has a fifty day moving average of $45.31 and a 200 day moving average of $64.10. The firm has a market cap of $681.31 million, a P/E ratio of -3.28 and a beta of 2.66.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Friday, February 28th. The company reported ($2.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The business had revenue of $7.48 million for the quarter, compared to analyst estimates of $0.36 million. Research analysts expect that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Institutional Trading of Praxis Precision Medicines

Hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its position in Praxis Precision Medicines by 7.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,208,522 shares of the company’s stock worth $93,008,000 after acquiring an additional 88,442 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Praxis Precision Medicines by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company’s stock worth $81,858,000 after purchasing an additional 24,645 shares during the last quarter. VR Adviser LLC lifted its holdings in Praxis Precision Medicines by 40.2% during the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock worth $76,189,000 after purchasing an additional 283,854 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Praxis Precision Medicines by 77.5% in the 4th quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock valued at $71,621,000 after purchasing an additional 405,957 shares during the period. Finally, Assenagon Asset Management S.A. grew its holdings in Praxis Precision Medicines by 5,437.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after buying an additional 548,986 shares in the last quarter. Institutional investors and hedge funds 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.