Praxis Precision Medicines (NASDAQ:PRAX) Trading 7.6% Higher - What's Next?

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PRAX. Deutsche Bank Aktiengesellschaft assumed coverage on Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a "buy" rating and a $111.00 target price for the company. Wedbush lifted 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. Chardan Capital assumed coverage on shares of Praxis Precision Medicines in a report on Wednesday, May 7th. They issued a "buy" rating and a $80.00 price target on the stock. HC Wainwright reissued a "buy" rating and set a $105.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, May 1st. Finally, Truist Financial dropped their price objective on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating on the stock in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to data from MarketBeat, Praxis Precision Medicines currently has an average rating of "Moderate Buy" and a consensus target price of $109.90.

Praxis Precision Medicines Stock Up 5.4%

The business's 50-day simple moving average is $36.02 and its two-hundred day simple moving average is $56.08. The firm has a market cap of $907.64 million, a price-to-earnings ratio of -4.33 and a beta of 2.60.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings results 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 return on equity of 54.86% and a negative net margin of 9,409.22%. On average, analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc grew its position in shares of Praxis Precision Medicines by 47.3% in the fourth quarter. CIBC Asset Management Inc now owns 366,756 shares of the company's stock valued at $28,226,000 after purchasing an additional 117,817 shares during the period. Barclays PLC increased its stake in Praxis Precision Medicines by 126.8% during the 3rd quarter. Barclays PLC now owns 37,130 shares of the company's stock worth $2,136,000 after buying an additional 20,759 shares in the last quarter. Vanguard Group Inc. increased its stake in Praxis Precision Medicines by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company's stock worth $81,858,000 after buying an additional 24,645 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of Praxis Precision Medicines by 48.6% during the fourth quarter. Deutsche Bank AG now owns 15,324 shares of the company's stock valued at $1,179,000 after acquiring an additional 5,009 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its position in shares of Praxis Precision Medicines by 12.1% in the fourth quarter. New York State Common Retirement Fund now owns 7,847 shares of the company's stock valued at $604,000 after acquiring an additional 847 shares in the last quarter. 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.