Praxis Precision Medicines (NASDAQ:PRAX) Reaches New 1-Year High – Here’s Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $87.12 and last traded at $86.59, with a volume of 231074 shares changing hands. The stock had previously closed at $83.49.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PRAX. Truist Financial lifted their price target on Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. HC Wainwright restated a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, December 12th. Needham & Company LLC restated a “buy” rating and issued a $151.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Finally, Oppenheimer lifted their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.11.

Praxis Precision Medicines Trading Down 0.6 %

The stock has a market cap of $1.62 billion, a P/E ratio of -8.43 and a beta of 2.65. The company’s 50 day moving average price is $74.98 and its two-hundred day moving average price is $67.39.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results 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 return on equity of 54.86% and a negative net margin of 9,409.22%. The business had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. During the same quarter in the previous year, the business posted ($2.70) earnings per share. On average, sell-side analysts anticipate that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Insider Buying and Selling

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of the company’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 value of $660,767.80. Following the completion of the transaction, the general counsel now directly owns 10,301 shares in the company, valued at $826,140.20. This represents a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Lauren Mastrocola sold 5,188 shares of the firm’s stock in a transaction 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 sale, the insider now owns 5,613 shares in the company, valued at $459,031.14. The trade was a 48.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds have recently made changes to their positions in the company. Assenagon Asset Management S.A. grew its holdings in Praxis Precision Medicines by 5,437.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after purchasing an additional 548,986 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Praxis Precision Medicines by 37.2% in the 3rd quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock valued at $30,079,000 after purchasing an additional 141,881 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of 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 purchasing an additional 205,335 shares in the last quarter. Geode Capital Management LLC raised its stake in Praxis Precision Medicines by 1.0% in the third quarter. Geode Capital Management LLC now owns 398,838 shares of the company’s stock worth $22,954,000 after buying an additional 3,779 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in Praxis Precision Medicines by 47.3% during the fourth quarter. CIBC Asset Management Inc now owns 366,756 shares of the company’s stock worth $28,226,000 after buying an additional 117,817 shares during the period. 67.84% of the stock is currently 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.