Praxis Precision Medicines (NASDAQ:PRAX) Trading 7% Higher – Time to Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price traded up 7% on Wednesday . The stock traded as high as $300.97 and last traded at $300.6110. 280,035 shares changed hands during trading, a decline of 50% from the average session volume of 557,984 shares. The stock had previously closed at $280.83.

Analysts Set New Price Targets

PRAX has been the topic of several recent analyst reports. UBS Group set a $750.00 target price on Praxis Precision Medicines in a report on Monday, December 15th. Oppenheimer reissued an “outperform” rating and set a $750.00 price objective (up previously from $250.00) on shares of Praxis Precision Medicines in a report on Monday, December 15th. Cowen restated a “buy” rating on shares of Praxis Precision Medicines in a research report on Friday, January 2nd. BTIG Research reaffirmed a “buy” rating and issued a $843.00 target price (up from $507.00) on shares of Praxis Precision Medicines in a research note on Monday, December 29th. Finally, Truist Financial increased their price target on shares of Praxis Precision Medicines from $360.00 to $500.00 and gave the company a “buy” rating in a research note on Monday, December 8th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $436.67.

Praxis Precision Medicines Trading Up 6.6%

The firm’s 50 day moving average price is $243.56 and its 200-day moving average price is $132.35. The company has a market cap of $7.99 billion, a P/E ratio of -24.59 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($3.36) earnings per share for the quarter, beating the consensus estimate of ($3.45) by $0.09. Analysts predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 25,130 shares of the firm’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the transaction, the general counsel owned 20,832 shares in the company, valued at approximately $4,022,450.88. This trade represents a 54.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lauren Mastrocola sold 13,600 shares of the business’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $192.08, for a total value of $2,612,288.00. Following the transaction, the insider owned 10,442 shares of the company’s stock, valued at $2,005,699.36. The trade was a 56.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Praxis Precision Medicines by 5.1% in the first 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position 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 valued at $3,298,000 after buying an additional 68,466 shares in the last quarter. Rhumbline Advisers increased its position in shares of Praxis Precision Medicines by 6.7% in the 1st quarter. Rhumbline Advisers now owns 24,294 shares of the company’s stock valued at $920,000 after buying an additional 1,525 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Praxis Precision Medicines by 19.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 604,298 shares of the company’s stock worth $25,411,000 after buying an additional 96,898 shares during the period. Finally, Aberdeen Group plc lifted its holdings in Praxis Precision Medicines by 143.5% during the second quarter. Aberdeen Group plc now owns 214,056 shares of the company’s stock worth $9,001,000 after acquiring an additional 126,153 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

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.