Praxis Precision Medicines (NASDAQ:PRAX) Shares Up 7.6% - Time to Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report)'s share price shot up 7.6% on Thursday . The stock traded as high as $45.85 and last traded at $44.52. 177,139 shares changed hands during trading, a decline of 54% from the average session volume of 385,738 shares. The stock had previously closed at $41.37.

Analyst Ratings Changes

Several brokerages have recently weighed in on PRAX. HC Wainwright restated a "buy" rating and set a $105.00 target price on shares of Praxis Precision Medicines in a report on Thursday, May 1st. Needham & Company LLC restated a "buy" rating and set a $80.00 target price on shares of Praxis Precision Medicines in a report on Monday, May 5th. Oppenheimer set a $97.00 target price on Praxis Precision Medicines and gave the stock an "outperform" rating in a report on Monday, June 2nd. Wedbush boosted their target price on Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a report on Monday, May 5th. Finally, Robert W. Baird lowered their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $109.90.

Praxis Precision Medicines Stock Performance

The firm has a market capitalization of $907.64 million, a PE ratio of -4.33 and a beta of 2.60. The company's 50-day moving average price is $36.02 and its 200-day moving average price is $55.96.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Friday, May 2nd. The company reported ($3.29) 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%. As a group, analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Large investors have recently bought and sold shares of the business. GF Fund Management CO. LTD. purchased a new position in Praxis Precision Medicines in the fourth quarter valued at $30,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Praxis Precision Medicines in the fourth quarter valued at $48,000. GAMMA Investing LLC increased its holdings 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 valued at $152,000 after buying an additional 3,949 shares during the last quarter. Graham Capital Management L.P. acquired a new position in Praxis Precision Medicines in the fourth quarter valued at $209,000. Finally, KLP Kapitalforvaltning AS acquired a new position in Praxis Precision Medicines in the fourth quarter valued at $215,000. Hedge funds and other institutional investors own 67.84% of the company's stock.

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.