Praxis Precision Medicines (NASDAQ:PRAX) Shares Up 8.7% - Still a Buy?

Key Points

• Praxis Precision Medicines' share price increased by 8.7% during trading, reaching a high of $57.05, despite a 75% decline in trading volume compared to the average.
• Analysts are generally optimistic about Praxis Precision Medicines, with multiple upgrades leading to a consensus rating of "Moderate Buy" and an average price target of $85.56.
• The company's recent quarterly earnings showed an adjusted loss of ($3.31) per share, beating expectations, while forecasts project an EPS of -10.22 for the current fiscal year.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report)'s share price shot up 8.7% during trading on Wednesday . The stock traded as high as $57.05 and last traded at $57.10. 109,750 shares traded hands during trading, a decline of 75% from the average session volume of 443,707 shares. The stock had previously closed at $52.52.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PRAX. Chardan Capital reaffirmed a "buy" rating and issued a $80.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, July 29th. 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 price objective (up from $105.00) on shares of Praxis Precision Medicines in a report on Tuesday, August 5th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Praxis Precision Medicines in a report on Tuesday, September 2nd. Finally, Jones Trading assumed coverage on Praxis Precision Medicines in a report on Thursday, September 18th. They issued a "buy" rating and a $83.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Praxis Precision Medicines has a consensus rating of "Moderate Buy" and an average price target of $85.56.

Praxis Precision Medicines Price Performance

The company has a fifty day moving average price of $47.44 and a 200 day moving average price of $43.76. The company has a market capitalization of $1.21 billion, a P/E ratio of -4.67 and a beta of 2.62.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PRAX. Woodline Partners LP raised its holdings in shares of Praxis Precision Medicines by 1,666.5% during the first quarter. Woodline Partners LP now owns 175,727 shares of the company's stock valued at $6,655,000 after buying an additional 165,779 shares during the last quarter. GAMMA Investing LLC raised its stake in Praxis Precision Medicines by 6,075.4% during the 1st quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock valued at $152,000 after acquiring an additional 3,949 shares in the last quarter. Rhumbline Advisers boosted its position in Praxis Precision Medicines by 6.7% during the 1st 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. Cormorant Asset Management LP grew its stake in shares of 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. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Praxis Precision Medicines by 19.1% during 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. Institutional investors own 67.84% of the company's stock.

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.

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