Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Up 4.8%

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

PRAX has been the topic of a number of research reports. William Blair initiated coverage on Praxis Precision Medicines in a research note on Monday, May 3rd. They issued an “outperform” rating on the stock. Zacks Investment Research cut Praxis Precision Medicines from a “hold” rating to a “sell” rating in a research note on Friday, July 16th. One equities research 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 firm’s 50-day moving average price is $19.53. The company has a market cap of $697.22 million and a PE ratio of -2.21.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Tuesday, May 11th. The company reported ($0.71) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.74) by $0.03. As a group, equities research analysts forecast that Praxis Precision Medicines, Inc. will post -2.96 EPS for the current year.

Hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada increased its position in shares of Praxis Precision Medicines by 204.2% in the first quarter. Royal Bank of Canada now owns 864 shares of the company’s stock worth $28,000 after purchasing an additional 580 shares during the last quarter. Pacer Advisors Inc. bought a new position in shares of Praxis Precision Medicines in the first quarter worth approximately $29,000. E Fund Management Co. Ltd. bought a new position in shares of Praxis Precision Medicines in the first quarter worth approximately $51,000. Citigroup Inc. bought a new position in shares of Praxis Precision Medicines in the fourth quarter worth approximately $120,000. Finally, JPMorgan Chase & Co. bought a new position in shares of Praxis Precision Medicines in the fourth quarter worth approximately $308,000. Institutional investors own 94.73% of the company’s stock.

Praxis Precision Medicines Company Profile (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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