Praxis Precision Medicines (NASDAQ:PRAX) Shares Up 4.9%

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) shot up 4.9% during trading on Thursday . The company traded as high as $46.44 and last traded at $46.14. 95,852 shares changed hands during trading, a decline of 56% from the average session volume of 220,209 shares. The stock had previously closed at $44.00.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Jefferies Financial Group raised their price target on Praxis Precision Medicines from $75.00 to $128.00 and gave the company a "buy" rating in a research note on Tuesday, March 26th. Truist Financial restated a "buy" rating and set a $150.00 target price on shares of Praxis Precision Medicines in a research note on Thursday. HC Wainwright reaffirmed a "buy" rating and issued a $105.00 price target on shares of Praxis Precision Medicines in a report on Tuesday. Finally, Robert W. Baird began coverage on shares of Praxis Precision Medicines in a report on Wednesday, May 1st. They set an "outperform" rating and a $117.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $105.80.

Praxis Precision Medicines Price Performance

The firm has a market cap of $773.45 million, a price-to-earnings ratio of -2.85 and a beta of 2.87. The stock has a 50-day moving average price of $52.84 and a 200 day moving average price of $37.66.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly earnings results on Tuesday, March 5th. The company reported ($2.97) EPS for the quarter, topping the consensus estimate of ($3.05) by $0.08. The company had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.30 million. Praxis Precision Medicines had a negative return on equity of 143.53% and a negative net margin of 5,711.85%. As a group, equities research analysts predict that Praxis Precision Medicines, Inc. will post -8.64 earnings per share for the current year.

Institutional Trading of Praxis Precision Medicines

Several institutional investors and hedge funds have recently bought and sold shares of the business. Simplex Trading LLC acquired a new stake in Praxis Precision Medicines during the 4th quarter worth approximately $31,000. Jump Financial LLC purchased a new position in Praxis Precision Medicines in the 3rd quarter valued at $56,000. Connor Clark & Lunn Investment Management Ltd. grew its position in Praxis Precision Medicines by 45.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company's stock valued at $96,000 after buying an additional 17,428 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Praxis Precision Medicines by 409.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 75,077 shares of the company's stock valued at $128,000 after buying an additional 60,342 shares during the period. Finally, Citigroup Inc. raised its position in Praxis Precision Medicines by 44,585.5% during the 3rd quarter. Citigroup Inc. now owns 83,115 shares of the company's stock worth $142,000 after buying an additional 82,929 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, 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.