Praxis Precision Medicines (NASDAQ:PRAX) Hits New 52-Week High - Time to Buy?

Key Points

• Praxis Precision Medicines (NASDAQ:PRAX) recently reached a new 52-week high of $172.35, up from a previous close of $57.35, with significant trading volume of approximately 4.74 million shares.
• Analyst ratings for PRAX are largely positive, with one "Strong Buy," nine "Buy," and two "Sell" ratings, and an average target price estimated at $85.56.
• The company, focused on therapies for central nervous system disorders, reported a quarterly earnings beat with EPS of ($3.31), outperforming expectations of ($3.40).

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $171.00 and last traded at $172.35, with a volume of 4736370 shares traded. The stock had previously closed at $57.35.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PRAX. Lifesci Capital raised shares of Praxis Precision Medicines to a "strong-buy" rating in a research report on Wednesday, September 3rd. HC Wainwright reissued a "buy" rating and issued a $115.00 target price (up from $105.00) on shares of Praxis Precision Medicines in a report on Tuesday, August 5th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Praxis Precision Medicines in a research report on Wednesday, October 8th. Jones Trading initiated coverage on shares of Praxis Precision Medicines in a research note on Thursday, September 18th. They issued a "buy" rating and a $83.00 price objective for the company. Finally, Jefferies Financial Group restated a "buy" rating on shares of Praxis Precision Medicines in a research note on Tuesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $85.56.

Praxis Precision Medicines Stock Performance

The firm has a 50-day moving average price of $47.61 and a 200-day moving average price of $43.85. The stock has a market cap of $4.04 billion, a PE ratio of -15.13 and a beta of 2.62.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported ($3.31) earnings per share for the quarter, beating analysts' consensus estimates of ($3.40) by $0.09. As a group, sell-side analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Woodline Partners LP grew its holdings in Praxis Precision Medicines by 1,666.5% in the first quarter. Woodline Partners LP now owns 175,727 shares of the company's stock valued at $6,655,000 after purchasing an additional 165,779 shares during the period. GAMMA Investing LLC boosted its position in shares of Praxis Precision Medicines by 6,075.4% during the 1st quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock worth $152,000 after acquiring an additional 3,949 shares in the last quarter. Rhumbline Advisers raised its stake in Praxis Precision Medicines by 6.7% during the 1st quarter. Rhumbline Advisers now owns 24,294 shares of the company's stock valued at $920,000 after acquiring an additional 1,525 shares during the last quarter. Cormorant Asset Management LP increased its stake in Praxis Precision Medicines by 3.1% in the 1st quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company's stock valued at $66,083,000 after purchasing an additional 51,781 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of Praxis Precision Medicines by 19.1% in the second quarter. Assenagon Asset Management S.A. now owns 604,298 shares of the company's stock valued at $25,411,000 after purchasing an additional 96,898 shares during the period. 67.84% of the stock is owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

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.

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