Praxis Precision Medicines (NASDAQ:PRAX) Reaches New 52-Week High – What’s Next?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $249.97 and last traded at $255.4490, with a volume of 59852 shares trading hands. The stock had previously closed at $189.97.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PRAX shares. Jefferies Financial Group reiterated a “buy” rating and issued a $300.00 target price (up from $65.00) on shares of Praxis Precision Medicines in a report on Thursday, October 16th. Jones Trading assumed coverage on Praxis Precision Medicines in a research note on Thursday, September 18th. They issued a “buy” rating and a $83.00 price objective for the company. HC Wainwright reissued a “buy” rating and set a $340.00 price objective (up from $258.00) on shares of Praxis Precision Medicines in a research report on Friday. Truist Financial restated a “buy” rating and set a $360.00 target price (up from $85.00) on shares of Praxis Precision Medicines in a research note on Friday, October 17th. Finally, BTIG Research reiterated a “buy” rating and issued a $499.00 price target on shares of Praxis Precision Medicines in a research note on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $273.00.

Praxis Precision Medicines Stock Performance

The firm has a market capitalization of $6.81 billion, a price-to-earnings ratio of -21.07 and a beta of 2.95. The company has a 50-day moving average price of $146.70 and a 200-day moving average price of $80.96.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share for the quarter, topping the consensus estimate of ($3.45) by $0.09. On average, research analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Insider Activity at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 25,130 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the completion of the sale, the general counsel owned 20,832 shares in the company, valued at approximately $4,022,450.88. The trade was a 54.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lauren Mastrocola sold 13,600 shares of the stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $192.08, for a total transaction of $2,612,288.00. Following the completion of the transaction, the insider directly owned 10,442 shares in the company, valued at $2,005,699.36. This trade represents a 56.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PRAX. Woodline Partners LP lifted its stake in Praxis Precision Medicines by 808.9% in the third quarter. Woodline Partners LP now owns 417,669 shares of the company’s stock valued at $22,136,000 after buying an additional 371,717 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at $1,149,000. Alyeska Investment Group L.P. raised its position in Praxis Precision Medicines by 13.2% in the 3rd quarter. Alyeska Investment Group L.P. now owns 141,516 shares of the company’s stock valued at $7,500,000 after purchasing an additional 16,516 shares during the last quarter. Vivo Capital LLC raised its position in Praxis Precision Medicines by 18.7% in the 3rd quarter. Vivo Capital LLC now owns 198,895 shares of the company’s stock valued at $10,541,000 after purchasing an additional 31,295 shares during the last quarter. Finally, Quarry LP boosted its stake in Praxis Precision Medicines by 316.7% during the 3rd quarter. Quarry LP now owns 20,001 shares of the company’s stock worth $1,060,000 after purchasing an additional 15,201 shares during the period. Institutional investors and hedge funds own 67.84% of the company’s stock.

About Praxis Precision Medicines

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.