Praxis Precision Medicines (NASDAQ:PRAX) Shares Up 4.8%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price shot up 4.8% on Thursday . The stock traded as high as $18.33 and last traded at $18.25. 6,458 shares were traded during trading, a decline of 98% from the average session volume of 288,950 shares. The stock had previously closed at $17.41.

Several brokerages have recently weighed in on PRAX. Zacks Investment Research downgraded Praxis Precision Medicines from a “hold” rating to a “sell” rating in a report on Friday, July 16th. William Blair began coverage on Praxis Precision Medicines in a report on Monday, May 3rd. They set an “outperform” rating for the company. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $60.33.

The stock has a market capitalization of $697.22 million and a price-to-earnings ratio of -2.21. The stock has a 50-day moving average price of $19.53.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Tuesday, May 11th. The company reported ($0.71) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.74) by $0.03. Equities analysts anticipate that Praxis Precision Medicines, Inc. will post -2.96 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of the company. Citadel Advisors LLC lifted its position in shares of Praxis Precision Medicines by 0.5% during the 1st quarter. Citadel Advisors LLC now owns 1,602,880 shares of the company’s stock valued at $52,511,000 after buying an additional 7,234 shares in the last quarter. Millennium Management LLC purchased a new position in shares of Praxis Precision Medicines during the 1st quarter valued at about $842,000. Royal Bank of Canada lifted its position in shares of Praxis Precision Medicines by 204.2% during the 1st quarter. Royal Bank of Canada now owns 864 shares of the company’s stock valued at $28,000 after buying an additional 580 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Praxis Precision Medicines by 18.5% during the 1st quarter. Janus Henderson Group PLC now owns 1,063,389 shares of the company’s stock valued at $34,849,000 after buying an additional 166,017 shares in the last quarter. Finally, Acuta Capital Partners LLC lifted its position in shares of Praxis Precision Medicines by 103.9% during the 1st quarter. Acuta Capital Partners LLC now owns 154,229 shares of the company’s stock valued at $5,053,000 after buying an additional 78,584 shares in the last quarter. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

About Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, develops therapies for central nervous system disorders characterized by neuronal imbalance. Its lead product candidates include PRAX-114, an extrasynaptic-preferring GABAA receptor positive allosteric modulator that is in Phase IIa clinical trial for the treatment of major depressive disorder and perimenopausal depression; and PRAX-944, a selective small molecule inhibitor of T-type calcium channels, which is in Phase IIa clinical trial for the treatment of essential tremor.

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