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.
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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