Praxis Precision Medicines (NASDAQ:PRAX) Issues Earnings Results

Praxis Precision Medicines (NASDAQ:PRAX) announced its quarterly earnings data on Wednesday. The company reported ($3.36) EPS for the quarter, topping analysts’ consensus estimates of ($3.45) by $0.09, Zacks reports.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock traded down $6.86 on Friday, hitting $165.50. The company’s stock had a trading volume of 296,654 shares, compared to its average volume of 555,720. The stock’s 50 day moving average is $91.13 and its 200-day moving average is $60.71. 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 $3.50 billion, a PE ratio of -12.83 and a beta of 2.82.

Institutional Trading of Praxis Precision Medicines

Institutional investors and hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC boosted its position in Praxis Precision Medicines by 24.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after buying an additional 359 shares in the last quarter. Norges Bank bought a new stake in shares of Praxis Precision Medicines in the 2nd quarter valued at $210,000. Cerity Partners LLC acquired a new position in shares of Praxis Precision Medicines during the second quarter valued at about $236,000. Creative Planning bought a new position in shares of Praxis Precision Medicines during the 2nd quarter worth about $273,000. Finally, Brevan Howard Capital Management LP acquired a new stake in Praxis Precision Medicines in the second quarter valued at approximately $358,000. 67.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. HC Wainwright increased their target price on Praxis Precision Medicines from $115.00 to $232.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Wedbush increased their price target on Praxis Precision Medicines from $73.00 to $77.00 and gave the company an “underperform” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $280.00 price target (up from $65.00) on shares of Praxis Precision Medicines in a research note on Friday, October 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research note on Wednesday, October 8th. Finally, Jones Trading began coverage on shares of Praxis Precision Medicines in a report on Thursday, September 18th. They set a “buy” rating and a $83.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $240.00.

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.