Praxis Precision Medicines (NASDAQ:PRAX) Sees Strong Trading Volume – Time to Buy?

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw an uptick in trading volume on Tuesday . 442,241 shares changed hands during trading, an increase of 57% from the previous session’s volume of 282,460 shares.The stock last traded at $74.82 and had previously closed at $74.68.

Wall Street Analyst Weigh In

Several research firms recently commented on PRAX. Oppenheimer boosted their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. HC Wainwright reissued a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and set a $151.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Guggenheim boosted their price objective on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Finally, Wedbush boosted their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $146.33.

Praxis Precision Medicines Price Performance

The firm’s 50 day moving average price is $69.59 and its 200-day moving average price is $56.27. The stock has a market cap of $1.48 billion, a P/E ratio of -7.71 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate of ($2.01) by ($0.74). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The company had revenue of $0.30 million for the quarter, compared to analysts’ expectations of $0.53 million. During the same period in the previous year, the firm earned ($2.70) earnings per share. On average, analysts expect that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Insider Activity

In other news, insider Lauren Mastrocola sold 5,188 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total transaction of $424,274.64. Following the completion of the transaction, the insider now directly owns 5,613 shares of the company’s stock, valued at $459,031.14. The trade was a 48.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Alex Nemiroff sold 8,239 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total transaction of $660,767.80. Following the transaction, the general counsel now directly owns 10,301 shares of the company’s stock, valued at $826,140.20. The trade was a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. increased its holdings in Praxis Precision Medicines by 85.6% during the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after buying an additional 205,335 shares during the last quarter. Geode Capital Management LLC increased its holdings in Praxis Precision Medicines by 1.0% during the third quarter. Geode Capital Management LLC now owns 398,838 shares of the company’s stock valued at $22,954,000 after buying an additional 3,779 shares during the last quarter. Barclays PLC increased its holdings in Praxis Precision Medicines by 126.8% during the third quarter. Barclays PLC now owns 37,130 shares of the company’s stock valued at $2,136,000 after buying an additional 20,759 shares during the last quarter. Wellington Management Group LLP increased its holdings in Praxis Precision Medicines by 326.9% during the third quarter. Wellington Management Group LLP now owns 219,907 shares of the company’s stock valued at $12,653,000 after buying an additional 168,394 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in Praxis Precision Medicines by 37.2% during the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock valued at $30,079,000 after buying an additional 141,881 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other 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.