Praxis Precision Medicines (NASDAQ:PRAX) Trading Up 4.3% - Here's Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) shares rose 4.3% during mid-day trading on Wednesday . The stock traded as high as $37.55 and last traded at $37.64. Approximately 112,085 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 385,978 shares. The stock had previously closed at $36.10.

Analysts Set New Price Targets

Several research firms have recently weighed in on PRAX. Needham & Company LLC reiterated a "buy" rating and set a $80.00 price target on shares of Praxis Precision Medicines in a research note on Monday, May 5th. Truist Financial reduced their target price on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. Wedbush raised their price objective on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a report on Monday, May 5th. Deutsche Bank Aktiengesellschaft started coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a "buy" rating and a $111.00 target price on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $105.00 price target on shares of Praxis Precision Medicines in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $109.90.

Praxis Precision Medicines Stock Performance

The stock has a 50-day moving average price of $35.63 and a 200-day moving average price of $56.91. The stock has a market cap of $811.09 million, a P/E ratio of -3.87 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its 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 9,409.22% and a negative return on equity of 54.86%. Sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. bought a new stake in Praxis Precision Medicines during the fourth quarter worth about $30,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Praxis Precision Medicines in the 4th quarter worth approximately $48,000. GAMMA Investing LLC boosted its stake in Praxis Precision Medicines by 6,075.4% in the first quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock worth $152,000 after buying an additional 3,949 shares in the last quarter. Graham Capital Management L.P. bought a new position in Praxis Precision Medicines during the fourth quarter valued at approximately $209,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Praxis Precision Medicines during the fourth quarter worth approximately $215,000. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.