Praxis Precision Medicines (NASDAQ:PRAX) Sets New 52-Week High on Analyst Upgrade

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) reached a new 52-week high on Tuesday after Jefferies Financial Group raised their price target on the stock from $75.00 to $128.00. Jefferies Financial Group currently has a buy rating on the stock. Praxis Precision Medicines traded as high as $66.57 and last traded at $65.29, with a volume of 142589 shares traded. The stock had previously closed at $50.50.

PRAX has been the topic of a number of other reports. Wedbush boosted their target price on Praxis Precision Medicines from $16.00 to $29.00 and gave the stock a “neutral” rating in a research report on Friday, January 12th. Truist Financial reiterated a “buy” rating and issued a $150.00 target price on shares of Praxis Precision Medicines in a research report on Monday, December 4th. Finally, HC Wainwright restated a “buy” rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently modified their holdings of the business. Point72 Asset Management L.P. raised its holdings in shares of Praxis Precision Medicines by 21,000.0% in the second quarter. Point72 Asset Management L.P. now owns 10,550,000 shares of the company’s stock worth $12,132,000 after buying an additional 10,500,000 shares during the period. Cormorant Asset Management LP bought a new position in Praxis Precision Medicines in the second quarter worth approximately $10,925,000. Adage Capital Partners GP L.L.C. grew its stake in Praxis Precision Medicines by 10.7% in 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 in the last quarter. Sphera Funds Management LTD. bought a new position in Praxis Precision Medicines in the second quarter worth approximately $10,079,000. Finally, Vanguard Group Inc. grew its stake in Praxis Precision Medicines by 135.3% in the third quarter. Vanguard Group Inc. now owns 5,564,114 shares of the company’s stock worth $9,515,000 after purchasing an additional 3,199,541 shares in the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Down 4.8 %

The firm has a 50 day moving average of $46.87 and a 200-day moving average of $29.94.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.05) by $0.08. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%. The business had revenue of $0.52 million for the quarter, compared to analysts’ expectations of $0.30 million. On average, analysts expect that Praxis Precision Medicines, Inc. will post -8.78 EPS for the current year.

Praxis Precision Medicines Company Profile

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.