Praxis Precision Medicines (NASDAQ:PRAX) Sees Large Volume Increase

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAXGet Free Report) saw an uptick in trading volume on Tuesday . 165,555 shares traded hands during trading, a decline of 34% from the previous session’s volume of 251,839 shares.The stock last traded at $39.00 and had previously closed at $40.61.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PRAX. HC Wainwright reaffirmed a “buy” rating and set a $105.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, May 14th. Guggenheim began coverage on shares of Praxis Precision Medicines in a report on Tuesday, June 18th. They set a “buy” rating and a $155.00 target price on the stock. Truist Financial reaffirmed a “buy” rating and set a $150.00 target price on shares of Praxis Precision Medicines in a report on Thursday, May 16th. Robert W. Baird initiated coverage on shares of Praxis Precision Medicines in a research report on Wednesday, May 1st. They set an “outperform” rating and a $117.00 price target on the stock. Finally, Jefferies Financial Group increased their price target on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a “buy” rating in a research report on Tuesday, March 26th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and an average target price of $118.43.

Read Our Latest Stock Analysis on Praxis Precision Medicines

Praxis Precision Medicines Price Performance

The stock has a market cap of $670.03 million, a price-to-earnings ratio of -2.50 and a beta of 2.79. The business’s 50-day simple moving average is $46.24 and its two-hundred day simple moving average is $42.99.

Praxis Precision Medicines (NASDAQ:PRAXGet Free Report) last issued its quarterly earnings results on Monday, May 13th. The company reported ($2.84) EPS for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.83). The business had revenue of $0.43 million for the quarter, compared to analyst estimates of $2.75 million. Praxis Precision Medicines had a negative return on equity of 101.99% and a negative net margin of 5,711.85%. Equities research analysts forecast that Praxis Precision Medicines, Inc. will post -10.13 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds have recently modified their holdings of the business. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Praxis Precision Medicines by 10.7% during the third quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock worth $15,014,000 after purchasing an additional 849,362 shares during the period. Acuta Capital Partners LLC raised its stake in Praxis Precision Medicines by 5.5% during the third quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock worth $7,669,000 after buying an additional 235,000 shares during the last quarter. RA Capital Management L.P. bought a new position in Praxis Precision Medicines during the first quarter worth $50,548,000. Vanguard Group Inc. raised its stake in Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after buying an additional 373,131 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD bought a new position in Praxis Precision Medicines during the first quarter worth $32,707,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

(Get Free Report)

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.

Featured Articles

Receive News & Ratings for Praxis Precision Medicines Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Praxis Precision Medicines and related companies with MarketBeat.com's FREE daily email newsletter.