Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Up 12.7% After Earnings Beat

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shot up 12.7% during mid-day trading on Monday following a better than expected earnings announcement. The company traded as high as $310.00 and last traded at $312.9850. Approximately 224,104 shares traded hands during trading, a decline of 52% from the average daily volume of 463,969 shares. The stock had previously closed at $277.62.

The company reported ($3.23) EPS for the quarter, beating analysts’ consensus estimates of ($3.54) by $0.31.

Analysts Set New Price Targets

PRAX has been the subject of a number of recent analyst reports. Robert W. Baird set a $514.00 target price on shares of Praxis Precision Medicines in a research report on Friday, August 7th. UBS Group started coverage on shares of Praxis Precision Medicines in a research report on Wednesday, October 14th. They issued a “buy” rating and a $706.00 price target on the stock. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $945.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, August 17th. Piper Sandler reiterated an “overweight” rating on shares of Praxis Precision Medicines in a research report on Monday, July 13th. Finally, Wall Street Zen cut shares of Praxis Precision Medicines from a “hold” rating to a “sell” rating in a research report on Saturday, October 17th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $630.42.

Institutional Investors Weigh In On Praxis Precision Medicines

Several large investors have recently added to or reduced their stakes in PRAX. Seven Fleet Capital Management LP acquired a new stake in shares of Praxis Precision Medicines in the 2nd quarter valued at about $2,524,000. Readystate Asset Management LP bought a new position in Praxis Precision Medicines in the second quarter worth approximately $3,531,000. Swiss National Bank boosted its holdings in Praxis Precision Medicines by 15.3% in the first quarter. Swiss National Bank now owns 46,700 shares of the company’s stock worth $15,046,000 after acquiring an additional 6,200 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Praxis Precision Medicines in the second quarter valued at approximately $2,698,000. Finally, Orbimed Advisors LLC grew its stake in Praxis Precision Medicines by 82.5% in the first quarter. Orbimed Advisors LLC now owns 172,500 shares of the company’s stock valued at $55,578,000 after acquiring an additional 78,000 shares during the period. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

The stock has a market cap of $8.60 billion, a P/E ratio of -23.82 and a beta of 2.85. The company has a fifty day moving average price of $291.73 and a 200 day moving average price of $313.72.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on developing treatments for neurological and psychiatric disorders. The company applies neuroscience and precision-medicine research to conditions involving abnormalities in brain circuits and neuronal activity.

Its investigational programs have included small-molecule therapies for disorders such as essential tremor and epilepsy, as well as genetic-medicine approaches for certain rare neurological conditions.