Praxis Precision Medicines (NASDAQ:PRAX) Shares Up 10.4% Following Analyst Upgrade

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) shot up 10.4% during mid-day trading on Wednesday after Oppenheimer raised their price target on the stock from $97.00 to $115.00. Oppenheimer currently has an outperform rating on the stock. Praxis Precision Medicines traded as high as $51.36 and last traded at $51.63. 285,956 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 431,653 shares. The stock had previously closed at $46.76.

PRAX has been the topic of several other reports. Needham & Company LLC restated a "buy" rating and issued a $80.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, June 12th. Wedbush boosted their target price on Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a research report on Monday, May 5th. Chardan Capital began coverage on Praxis Precision Medicines in a research note on Wednesday, May 7th. They issued a "buy" rating and a $80.00 price target for the company. Finally, HC Wainwright reissued a "buy" rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Praxis Precision Medicines presently has an average rating of "Moderate Buy" and a consensus price target of $94.11.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System raised its holdings in shares of Praxis Precision Medicines by 2.2% during the fourth quarter. California State Teachers Retirement System now owns 12,726 shares of the company's stock worth $979,000 after acquiring an additional 275 shares during the period. GAMMA Investing LLC raised its holdings in shares of Praxis Precision Medicines by 6,075.4% during the first quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock worth $152,000 after acquiring an additional 3,949 shares during the period. Rhumbline Advisers raised its holdings in shares of Praxis Precision Medicines by 6.7% during the first quarter. Rhumbline Advisers now owns 24,294 shares of the company's stock worth $920,000 after acquiring an additional 1,525 shares during the period. Ameriprise Financial Inc. acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth $248,000. Finally, Vanguard Group Inc. raised its holdings in shares of Praxis Precision Medicines by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company's stock worth $81,858,000 after acquiring an additional 24,645 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Up 0.5%

The business's fifty day moving average is $41.79 and its 200 day moving average is $51.09. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -4.71 and a beta of 2.60.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative net margin of 2,137.48% and a negative return on equity of 50.42%. Equities research analysts expect that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

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.