Praxis Precision Medicines (NASDAQ:PRAX) Shares Up 5% - What's Next?

Key Points

• Praxis Precision Medicines shares rose 5% in mid-day trading, reaching a high of $44.09, with a trading volume significantly down by 83% from its average.
• Several analysts have issued positive ratings for the stock, with a consensus rating of "Moderate Buy" and an average price target of $85.88.
• The company is a clinical-stage biopharmaceutical firm developing therapies for central nervous system disorders, with ongoing clinical trials for multiple drug candidates.

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) were up 5% on Wednesday . The company traded as high as $43.75 and last traded at $44.09. Approximately 75,831 shares were traded during trading, a decline of 83% from the average daily volume of 446,234 shares. The stock had previously closed at $42.00.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Jefferies Financial Group reaffirmed a "buy" rating on shares of Praxis Precision Medicines in a research note on Tuesday, September 2nd. Chardan Capital reaffirmed a "buy" rating and issued a $80.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, July 29th. Lifesci Capital raised Praxis Precision Medicines to a "strong-buy" rating in a report on Wednesday, September 3rd. Jones Trading began coverage on shares of Praxis Precision Medicines in a research report on Thursday. They issued a "buy" rating and a $83.00 price target for the company. Finally, Needham & Company LLC reissued a "buy" rating and set a $80.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, June 12th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $85.56.

Praxis Precision Medicines Price Performance

The stock has a market cap of $888.73 million, a PE ratio of -3.44 and a beta of 2.61. The company has a 50-day simple moving average of $48.29 and a 200-day simple moving average of $42.04.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported ($3.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.40) by $0.09. Praxis Precision Medicines had a negative net margin of 2,137.48% and a negative return on equity of 60.07%. On average, equities analysts expect that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Several hedge funds have recently made changes to their positions in PRAX. Adage Capital Partners GP L.L.C. raised its position in Praxis Precision Medicines by 13.3% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company's stock valued at $83,031,000 after purchasing an additional 231,827 shares during the last quarter. Cormorant Asset Management LP grew its stake in Praxis Precision Medicines by 3.1% in the first quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company's stock worth $66,083,000 after purchasing an additional 51,781 shares in the last quarter. Vanguard Group Inc. raised its stake in Praxis Precision Medicines by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 1,087,020 shares of the company's stock worth $41,165,000 after acquiring an additional 23,381 shares during the last quarter. Assenagon Asset Management S.A. lifted 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 acquiring an additional 96,898 shares in the last quarter. Finally, Driehaus Capital Management LLC increased its holdings in Praxis Precision Medicines by 192.0% in the 1st quarter. Driehaus Capital Management LLC now owns 481,598 shares of the company's stock valued at $18,238,000 after purchasing an additional 316,686 shares during the last quarter. 67.84% of the stock is currently owned by institutional investors.

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.