Praxis Precision Medicines (NASDAQ:PRAX) Stock Jumps 7.1% – Time to Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price shot up 7.1% during trading on Monday. The stock traded as high as $259.41 and last traded at $258.9470. 168,600 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 466,343 shares. The stock had previously closed at $241.76.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PRAX shares. UBS Group began coverage on shares of Praxis Precision Medicines in a research note on Wednesday, October 14th. They set a “buy” rating and a $706.00 price objective on the stock. Wall Street Zen cut shares of Praxis Precision Medicines from a “hold” rating to a “sell” rating in a research note on Saturday. JPMorgan Chase & Co. initiated coverage on shares of Praxis Precision Medicines in a research note on Friday, October 16th. They issued an “overweight” rating and a $700.00 target price for the company. Piper Sandler reissued an “overweight” rating on shares of Praxis Precision Medicines in a report on Monday, July 13th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $462.00 price target (up from $449.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $630.42.

Praxis Precision Medicines Stock Performance

The stock has a market cap of $7.38 billion, a PE ratio of -20.46 and a beta of 2.79. The company has a 50 day moving average of $317.43 and a two-hundred day moving average of $317.78.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.67) by $0.80. As a group, equities research analysts anticipate that Praxis Precision Medicines, Inc. will post -14.15 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PRAX. Janus Henderson Group PLC grew its position in shares of Praxis Precision Medicines by 6.8% in the first quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock valued at $1,113,514,000 after purchasing an additional 218,777 shares during the period. Perceptive Advisors LLC increased its stake in shares of Praxis Precision Medicines by 2.0% during the first quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock worth $655,974,000 after purchasing an additional 40,000 shares in the last quarter. Bank of America Corp DE raised its position in shares of Praxis Precision Medicines by 2.3% during the 1st quarter. Bank of America Corp DE now owns 534,604 shares of the company’s stock worth $172,244,000 after purchasing an additional 11,841 shares during the last quarter. Vivo Capital LLC raised its position in shares of Praxis Precision Medicines by 3.0% during the 1st quarter. Vivo Capital LLC now owns 338,895 shares of the company’s stock worth $109,189,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its position in shares of Praxis Precision Medicines by 19.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 286,644 shares of the company’s stock worth $91,428,000 after purchasing an additional 46,056 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for disorders of the central nervous system. The company applies its Cerebrum™ platform, which combines human genetics, neuroscience and data science, to identify disease mechanisms and advance precision medicines for patients with neurological and psychiatric conditions.

Its pipeline has included investigational treatments for epilepsy and other severe neurological disorders. Key programs have included PRAX-628, a small-molecule antiseizure medicine candidate, and elsunersen, an antisense oligonucleotide program being developed for certain genetically defined forms of epilepsy.