Praxis Precision Medicines (NASDAQ:PRAX) Sees Large Volume Increase

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw an uptick in trading volume on Monday . 383,779 shares traded hands during mid-day trading, an increase of 78% from the previous session’s volume of 215,702 shares.The stock last traded at $46.00 and had previously closed at $46.89.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PRAX. Jefferies Financial Group lifted their target price on Praxis Precision Medicines from $75.00 to $128.00 and gave the company a “buy” rating in a research report on Tuesday, March 26th. HC Wainwright reaffirmed a “buy” rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, March 26th. Finally, Wedbush upped their target price on Praxis Precision Medicines from $16.00 to $29.00 and gave the company a “neutral” rating in a research report on Friday, January 12th.

Praxis Precision Medicines Price Performance

The firm has a 50-day simple moving average of $51.31 and a 200 day simple moving average of $34.06.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Tuesday, March 5th. The company reported ($2.97) EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $0.30 million. As a group, equities research analysts anticipate that Praxis Precision Medicines, Inc. will post -8.64 EPS for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds have recently made changes to their positions in the business. Simplex Trading LLC bought a new stake in Praxis Precision Medicines during the fourth quarter worth approximately $31,000. Jump Financial LLC purchased a new position in Praxis Precision Medicines during the 3rd quarter worth approximately $56,000. Connor Clark & Lunn Investment Management Ltd. grew its position in Praxis Precision Medicines by 45.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock worth $96,000 after purchasing an additional 17,428 shares in the last quarter. Bank of New York Mellon Corp grew its position in Praxis Precision Medicines by 409.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 75,077 shares of the company’s stock worth $128,000 after purchasing an additional 60,342 shares in the last quarter. Finally, Citigroup Inc. grew its position in Praxis Precision Medicines by 44,585.5% during the 3rd quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock worth $142,000 after purchasing an additional 82,929 shares in the last quarter. Institutional investors own 67.84% of the company’s stock.

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.