Praxis Precision Medicines (NASDAQ:PRAX) Hits New 52-Week High – Still a Buy?

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) reached a new 52-week high during trading on Monday . The stock traded as high as $279.80 and last traded at $276.0290, with a volume of 25566 shares changing hands. The stock had previously closed at $268.80.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PRAX shares. Oppenheimer restated an “outperform” rating and issued a $750.00 price target (up previously from $250.00) on shares of Praxis Precision Medicines in a research note on Monday. Jefferies Financial Group restated a “buy” rating and set a $450.00 price target (up from $300.00) on shares of Praxis Precision Medicines in a research report on Tuesday, December 9th. Weiss Ratings reissued a “sell (e+)” rating on shares of Praxis Precision Medicines in a research note on Monday. Guggenheim reiterated a “buy” rating and set a $760.00 price target (up previously from $540.00) on shares of Praxis Precision Medicines in a report on Tuesday, December 9th. Finally, Truist Financial boosted their price target on shares of Praxis Precision Medicines from $360.00 to $500.00 and gave the company a “buy” rating in a research report on Monday, December 8th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $403.80.

Praxis Precision Medicines Stock Down 0.7%

The firm has a 50-day moving average price of $180.75 and a 200 day moving average price of $94.41. The firm has a market capitalization of $6.87 billion, a PE ratio of -21.28 and a beta of 2.95.

Praxis Precision Medicines (NASDAQ:PRAX) last announced 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. Equities research analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Insiders Place Their Bets

In related news, General Counsel Alex Nemiroff sold 25,130 shares of the business’s stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the completion of the transaction, the general counsel directly owned 20,832 shares of the company’s stock, valued at $4,022,450.88. The trade was a 54.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Lauren Mastrocola sold 13,600 shares of the stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $192.08, for a total value of $2,612,288.00. Following the completion of the sale, the insider directly owned 10,442 shares in the company, valued at $2,005,699.36. This represents a 56.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Praxis Precision Medicines

Large investors have recently modified their holdings of the company. Legal & General Group Plc boosted its position in shares of Praxis Precision Medicines by 0.9% during the 3rd quarter. Legal & General Group Plc now owns 16,824 shares of the company’s stock worth $892,000 after acquiring an additional 154 shares in the last quarter. Creative Planning lifted its stake in Praxis Precision Medicines by 2.5% during the third quarter. Creative Planning now owns 6,660 shares of the company’s stock worth $353,000 after purchasing an additional 165 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in Praxis Precision Medicines by 88.3% in the second quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after purchasing an additional 295 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Praxis Precision Medicines by 24.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after purchasing an additional 359 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System increased its stake in Praxis Precision Medicines by 6.4% in the second quarter. State Board of Administration of Florida Retirement System now owns 6,425 shares of the company’s stock valued at $270,000 after purchasing an additional 385 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.