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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) reached a new 52-week high on Friday . The stock traded as high as $326.91 and last traded at $317.7920, with a volume of 278677 shares traded. The stock had previously closed at $297.74.

Wall Street Analysts Forecast Growth

PRAX has been the subject of several research reports. Piper Sandler reiterated an “overweight” rating and set a $450.00 price objective on shares of Praxis Precision Medicines in a research note on Friday, December 5th. TD Cowen increased their price target on shares of Praxis Precision Medicines from $251.00 to $353.00 and gave the stock a “buy” rating in a research report on Monday, December 8th. UBS Group set a $750.00 target price on shares of Praxis Precision Medicines in a report on Monday, December 15th. Citigroup restated a “conviction-buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, December 30th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $750.00 price target (up previously from $250.00) on shares of Praxis Precision Medicines in a report on Monday, December 15th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $436.67.

Praxis Precision Medicines Stock Up 4.7%

The business has a 50-day simple moving average of $240.58 and a two-hundred day simple moving average of $130.44. The company has a market cap of $7.85 billion, a price-to-earnings ratio of -24.28 and a beta of 2.85.

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, beating the consensus estimate of ($3.45) by $0.09. As a group, equities analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Insider Transactions at Praxis Precision Medicines

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

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors have recently modified their holdings of the business. Woodline Partners LP raised its position in Praxis Precision Medicines by 808.9% in the 3rd 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. Adage Capital Partners GP L.L.C. grew its stake in Praxis Precision Medicines by 13.3% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock valued at $83,031,000 after buying an additional 231,827 shares during the last quarter. Vivo Capital LLC bought a new stake in Praxis Precision Medicines in the 2nd quarter valued at $7,048,000. Deerfield Management Company L.P. increased its position in Praxis Precision Medicines by 22.4% during the 3rd quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock worth $44,565,000 after buying an additional 153,920 shares during the period. Finally, Algert Global LLC grew its position in Praxis Precision Medicines by 483.3% during the third quarter. Algert Global LLC now owns 160,818 shares of the company’s stock worth $8,523,000 after buying an additional 133,248 shares in the last quarter. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.