Praxis Precision Medicines (NASDAQ:PRAX) Trading Up 13.4% – Time to Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) traded up 13.4% on Tuesday . The company traded as high as $310.00 and last traded at $313.3890. 90,565 shares were traded during trading, a decline of 81% from the average session volume of 483,339 shares. The stock had previously closed at $276.44.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on PRAX shares. Wolfe Research began coverage on shares of Praxis Precision Medicines in a report on Monday, February 23rd. They issued an “outperform” rating and a $500.00 price target for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Praxis Precision Medicines in a research report on Monday, December 29th. Wedbush raised their price objective on shares of Praxis Precision Medicines from $95.00 to $130.00 and gave the company an “underperform” rating in a research report on Friday, February 20th. Robert W. Baird set a $433.00 price objective on shares of Praxis Precision Medicines and gave the stock an “outperform” rating in a report on Friday, February 20th. Finally, Oppenheimer restated an “outperform” rating and set a $750.00 price objective (up from $250.00) on shares of Praxis Precision Medicines in a report on Monday, December 15th. Four analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and an average price target of $576.12.

Praxis Precision Medicines Stock Up 14.3%

The stock has a market cap of $8.80 billion, a P/E ratio of -23.53 and a beta of 2.86. The stock has a fifty day simple moving average of $313.66 and a 200-day simple moving average of $228.64.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Thursday, February 19th. The company reported ($3.50) EPS for the quarter, missing the consensus estimate of ($3.00) by ($0.50). Sell-side analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Orbis Allan Gray Ltd bought a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at about $369,946,000. Janus Henderson Group PLC grew its holdings in shares of Praxis Precision Medicines by 17.2% during the fourth quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock worth $954,834,000 after buying an additional 476,227 shares in the last quarter. Barclays PLC raised its position in Praxis Precision Medicines by 592.6% in the 4th quarter. Barclays PLC now owns 530,751 shares of the company’s stock valued at $156,434,000 after buying an additional 454,114 shares during the last quarter. Baker BROS. Advisors LP grew its stake in shares of Praxis Precision Medicines by 63.4% during the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock worth $332,021,000 after acquiring an additional 437,000 shares in the last quarter. Finally, Perceptive Advisors LLC raised its holdings in shares of Praxis Precision Medicines by 27.6% in the fourth quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock valued at $588,297,000 after purchasing an additional 431,432 shares during the last quarter. 67.84% of the stock is owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.