Praxis Precision Medicines (NASDAQ:PRAX) Hits New 12-Month High – Here’s What Happened

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $364.03 and last traded at $362.7580, with a volume of 65193 shares changing hands. The stock had previously closed at $350.60.

Analyst Ratings Changes

Several research firms have recently issued reports on PRAX. Piper Sandler reaffirmed an “overweight” rating and issued a $1,200.00 price objective (up from $450.00) on shares of Praxis Precision Medicines in a research note on Wednesday, January 28th. Truist Financial upped their price objective on Praxis Precision Medicines from $700.00 to $715.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Wedbush upped their price objective on Praxis Precision Medicines from $130.00 to $166.00 and gave the company an “underperform” rating in a research note on Friday, May 8th. BTIG Research reaffirmed a “buy” rating and issued a $843.00 price objective on shares of Praxis Precision Medicines in a research note on Wednesday, May 20th. Finally, Raymond James Financial began coverage on Praxis Precision Medicines in a research note on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 price objective for the company. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $592.67.

Praxis Precision Medicines Trading Up 1.1%

The firm has a market cap of $9.89 billion, a price-to-earnings ratio of -26.52 and a beta of 2.76. The business’s 50-day simple moving average is $323.22 and its two-hundred day simple moving average is $291.67.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.58) by $0.38. On average, analysts forecast that Praxis Precision Medicines, Inc. will post -14.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of large investors have recently modified their holdings of PRAX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Praxis Precision Medicines by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company’s stock worth $444,000 after purchasing an additional 573 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Praxis Precision Medicines by 367.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company’s stock worth $3,298,000 after purchasing an additional 68,466 shares in the last quarter. Creative Planning bought a new position in shares of Praxis Precision Medicines in the 2nd quarter worth $273,000. JPMorgan Chase & Co. lifted its holdings in shares of Praxis Precision Medicines by 21.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 13,938 shares of the company’s stock worth $586,000 after purchasing an additional 2,459 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Praxis Precision Medicines by 15.7% in the 2nd quarter. Legal & General Group Plc now owns 16,670 shares of the company’s stock worth $701,000 after purchasing an additional 2,261 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors.

About Praxis Precision Medicines

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.