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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report)'s share price rose 10.4% during 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. Approximately 285,956 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 431,653 shares. The stock had previously closed at $46.76.

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

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its stake in Praxis Precision Medicines by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 142,892 shares of the company's stock valued at $10,997,000 after buying an additional 5,840 shares during the last quarter. Arizona State Retirement System raised its position in Praxis Precision Medicines by 4.2% during the fourth quarter. Arizona State Retirement System now owns 3,851 shares of the company's stock valued at $296,000 after purchasing an additional 156 shares during the period. Swiss National Bank raised its position in Praxis Precision Medicines by 4.0% during the fourth quarter. Swiss National Bank now owns 26,100 shares of the company's stock valued at $2,009,000 after purchasing an additional 1,000 shares during the period. Teacher Retirement System of Texas purchased a new stake in Praxis Precision Medicines during the fourth quarter valued at approximately $305,000. Finally, American Century Companies Inc. raised its position in Praxis Precision Medicines by 51.2% during the fourth quarter. American Century Companies Inc. now owns 15,594 shares of the company's stock valued at $1,200,000 after purchasing an additional 5,281 shares during the period. Institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Price Performance

The business has a 50-day simple moving average of $41.09 and a 200-day simple moving average of $51.47. The firm has a market capitalization of $1.05 billion, a PE ratio of -4.83 and a beta of 2.60.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The company reported ($3.29) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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%. On average, research analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

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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