Praxis Precision Medicines (NASDAQ:PRAX) Trading Up 4.9% – Here’s What Happened

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) traded up 4.9% during trading on Wednesday . The stock traded as high as $84.01 and last traded at $82.50. 22,948 shares were traded during mid-day trading, a decline of 94% from the average session volume of 366,686 shares. The stock had previously closed at $78.65.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Needham & Company LLC reissued a “buy” rating and issued a $150.00 price target on shares of Praxis Precision Medicines in a report on Monday, February 10th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Oppenheimer increased their price target on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Truist Financial upped their price target on Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $145.20.

Praxis Precision Medicines Stock Down 6.3 %

The firm has a fifty day moving average price of $77.33 and a 200-day moving average price of $69.10. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of -7.23 and a beta of 2.65.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Moody Aldrich Partners LLC increased its position in shares of Praxis Precision Medicines by 29.6% during the third quarter. Moody Aldrich Partners LLC now owns 31,605 shares of the company’s stock worth $1,819,000 after acquiring an additional 7,224 shares during the last quarter. US Bancorp DE lifted its position in Praxis Precision Medicines by 35.9% in the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after purchasing an additional 605 shares during the period. Mesirow Financial Investment Management Inc. acquired a new stake in Praxis Precision Medicines in the third quarter worth approximately $231,000. CIBC Asset Management Inc increased its holdings in shares of Praxis Precision Medicines by 29.2% in the third quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock valued at $14,324,000 after buying an additional 56,272 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of Praxis Precision Medicines in the third quarter valued at $217,000. Institutional investors and hedge funds 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.