Praxis Precision Medicines (NASDAQ:PRAX) Sets New 12-Month High Following Better-Than-Expected Earnings

Key Points

• Praxis Precision Medicines shares rose 16.4% to a new 52-week high of $374.99 after the company reported a quarterly loss of $2.87 per share, beating analysts’ expected loss of $3.67.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $563.50 price target, though targets range widely from $162 to $1,201.
• Institutional investors own 67.84% of the company, while an insider sold 11,600 shares under a pre-arranged trading plan; Praxis is a clinical-stage biopharmaceutical company developing treatments for neurological and psychiatric disorders.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $374.99 and last traded at $375.4810, with a volume of 223879 shares trading hands. The stock had previously closed at $319.23.

The company reported ($2.87) earnings per share for the quarter, beating analysts' consensus estimates of ($3.67) by $0.80.

Wall Street Analyst Weigh In

Several research analysts have commented on PRAX shares. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $374.00 price target (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Needham & Company LLC increased their target price on shares of Praxis Precision Medicines from $537.00 to $575.00 and gave the company a "buy" rating in a report on Monday, June 29th. Raymond James Financial assumed coverage on shares of Praxis Precision Medicines in a research report on Friday, April 10th. They issued a "strong-buy" rating and a $815.00 target price on the stock. Wedbush lowered their price target on shares of Praxis Precision Medicines from $166.00 to $162.00 and set an "underperform" rating for the company in a research note on Tuesday, June 2nd. Finally, HC Wainwright cut their price target on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a "buy" rating for the company in a research report on Tuesday, June 2nd. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $563.50.

Insiders Place Their Bets

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of Praxis Precision Medicines stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the completion of the transaction, the director owned 2,337 shares in the company, valued at approximately $727,554.84. The trade was a 83.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors have recently made changes to their positions in the company. Parallel Advisors LLC lifted its stake in shares of Praxis Precision Medicines by 3,000.0% during the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company's stock valued at $40,000 after buying an additional 120 shares in the last quarter. NBC Securities Inc. bought a new position in Praxis Precision Medicines during the fourth quarter valued at approximately $38,000. Danske Bank A S purchased a new stake in Praxis Precision Medicines during the fourth quarter valued at $59,000. GAMMA Investing LLC increased its holdings in shares of Praxis Precision Medicines by 10.3% in the 2nd quarter. GAMMA Investing LLC now owns 332 shares of the company's stock worth $111,000 after buying an additional 31 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its position in shares of Praxis Precision Medicines by 60.0% during the 4th quarter. Farther Finance Advisors LLC now owns 368 shares of the company's stock valued at $108,000 after buying an additional 138 shares in the last quarter. Hedge funds and other institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Trading Up 16.4%

The stock has a market capitalization of $10.36 billion, a PE ratio of -28.04 and a beta of 2.78. The firm's 50-day moving average price is $303.42 and its 200-day moving average price is $315.10.

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.

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