Praxis Precision Medicines (NASDAQ:PRAX) Hits New 1-Year High - What's Next?

Key Points

• Praxis Precision Medicines shares hit a new 52-week high of $391.64 and last traded at $376.38, giving the company a market capitalization of approximately $10.51 billion.
• Analyst sentiment remains broadly positive, with an average rating of “Buy” and a consensus price target of $579.55, although several firms recently lowered their targets and two analysts maintain sell ratings.
• The company beat quarterly EPS expectations, reporting a loss of $2.87 per share versus the consensus estimate of a $3.67 loss. Institutional investors own 67.84% of the stock, while an insider recently sold shares under a pre-arranged trading plan.

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Wedbush decreased their price objective on Praxis Precision Medicines from $166.00 to $162.00 and set an "underperform" rating for the company in a report on Tuesday, June 2nd. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $374.00 price target (down from $420.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Robert W. Baird set a $514.00 price target on shares of Praxis Precision Medicines in a research report on Friday, August 7th. HC Wainwright dropped their price objective on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a "buy" rating on the stock in a research note on Tuesday, June 2nd. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Praxis Precision Medicines in a research note on Wednesday, May 27th. Four analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $579.55.

Praxis Precision Medicines Stock Performance

The company has a 50 day moving average of $315.82 and a two-hundred day moving average of $318.41. The stock has a market capitalization of $10.51 billion, a PE ratio of -29.11 and a beta of 2.78.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, beating analysts' consensus estimates of ($3.67) by $0.80. As a group, research analysts predict that Praxis Precision Medicines, Inc. will post -13.92 EPS for the current fiscal year.

Insider Activity at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total value 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 $727,554.84. This trade represents a 83.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PRAX. Swiss National Bank raised its stake in Praxis Precision Medicines by 15.3% in the 1st 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 during the last quarter. Fifth Third Bancorp purchased a new stake in Praxis Precision Medicines during the 1st quarter valued at about $1,156,000. Geode Capital Management LLC grew its stake in Praxis Precision Medicines by 23.1% during the 4th quarter. Geode Capital Management LLC now owns 562,379 shares of the company's stock valued at $165,783,000 after purchasing an additional 105,347 shares during the last quarter. Orbimed Advisors LLC increased its holdings in shares of 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 purchasing an additional 78,000 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Praxis Precision Medicines by 32.4% in the first quarter. Dimensional Fund Advisors LP now owns 31,161 shares of the company's stock valued at $10,040,000 after purchasing an additional 7,618 shares during the period. Institutional investors and hedge funds own 67.84% of the company's stock.

About Praxis Precision Medicines

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source