Praxis Precision Medicines (NASDAQ:PRAX) Sets New 52-Week High – What’s Next?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $391.64 and last traded at $376.38, with a volume of 581487 shares. The stock had previously closed at $366.81.

Analysts Set New Price Targets

A number of research firms recently weighed in on PRAX. Royal Bank Of Canada reissued an “outperform” rating and issued a $462.00 target price (up from $449.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $945.00 price target on shares of Praxis Precision Medicines in a research note on Monday. Wells Fargo & Company reiterated a “positive” rating and set a $362.00 price objective (up from $323.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Jefferies Financial Group restated a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, May 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Wednesday, May 27th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $579.55.

Praxis Precision Medicines Price Performance

The company has a market capitalization of $10.78 billion, a P/E ratio of -29.87 and a beta of 2.78. The business has a 50-day moving average of $321.12 and a 200-day moving average of $319.34.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, topping the consensus estimate of ($3.67) by $0.80. Sell-side analysts predict that Praxis Precision Medicines, Inc. will post -13.92 EPS for the current fiscal year.

Insider Activity

In related news, Director Jill Desimone sold 11,600 shares of Praxis Precision Medicines stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the completion of the transaction, the director directly owned 2,337 shares of the company’s stock, valued at approximately $727,554.84. The trade was a 83.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.00% of the company’s stock.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new stake in Praxis Precision Medicines in the second quarter worth about $28,583,000. Handelsbanken Fonder AB bought a new position in shares of Praxis Precision Medicines during the second quarter valued at approximately $3,294,000. GAMMA Investing LLC grew its stake in shares of Praxis Precision Medicines by 10.3% during the second quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock valued at $111,000 after buying an additional 31 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of Praxis Precision Medicines by 3,000.0% during the first quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock valued at $40,000 after buying an additional 120 shares during the last quarter. Finally, Perceptive Advisors LLC raised its holdings in shares of Praxis Precision Medicines by 2.0% in the first quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock worth $655,974,000 after buying an additional 40,000 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.