Praxis Precision Medicines (NASDAQ:PRAX) Trading 4.3% Higher – Should You Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price traded up 4.3% on Wednesday . The company traded as high as $37.55 and last traded at $37.64. 112,085 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 385,978 shares. The stock had previously closed at $36.10.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PRAX shares. Needham & Company LLC reiterated a “buy” rating and set a $80.00 price target on shares of Praxis Precision Medicines in a report on Monday, May 5th. Wedbush upped their price target on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the company an “underperform” rating in a report on Monday, May 5th. Chardan Capital began coverage on shares of Praxis Precision Medicines in a report on Wednesday, May 7th. They set a “buy” rating and a $80.00 price target on the stock. Truist Financial lowered their price objective on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Finally, HC Wainwright reissued a “buy” rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $116.50.

Praxis Precision Medicines Trading Up 2.6%

The firm’s 50-day moving average price is $35.56 and its two-hundred day moving average price is $57.99. The stock has a market cap of $754.26 million, a PE ratio of -3.60 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Friday, May 2nd. The company reported ($3.29) EPS for the quarter, missing the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. On average, analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Praxis Precision Medicines by 367.8% during 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 purchasing an additional 68,466 shares in the last quarter. Woodline Partners LP increased its stake in Praxis Precision Medicines by 1,666.5% during the 1st quarter. Woodline Partners LP now owns 175,727 shares of the company’s stock valued at $6,655,000 after purchasing an additional 165,779 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Praxis Precision Medicines by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company’s stock valued at $444,000 after purchasing an additional 573 shares in the last quarter. Cormorant Asset Management LP increased its stake in Praxis Precision Medicines by 3.1% during the 1st quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company’s stock valued at $66,083,000 after purchasing an additional 51,781 shares in the last quarter. Finally, Ally Bridge Group NY LLC increased its stake in Praxis Precision Medicines by 112.5% during the 1st quarter. Ally Bridge Group NY LLC now owns 95,582 shares of the company’s stock valued at $3,620,000 after purchasing an additional 50,600 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, 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.