Praxis Precision Medicines (NASDAQ:PRAX) Sets New 1-Year High – Should You Buy?

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) reached a new 52-week high on Wednesday . The stock traded as high as $364.03 and last traded at $362.7580, with a volume of 65193 shares traded. The stock had previously closed at $350.60.

Wall Street Analyst Weigh In

PRAX has been the subject of several research analyst reports. Wolfe Research initiated coverage on shares of Praxis Precision Medicines in a research report on Monday, February 23rd. They set an “outperform” rating and a $500.00 target price for the company. Raymond James Financial assumed coverage on shares of Praxis Precision Medicines in a research report on Friday, April 10th. They set a “strong-buy” rating and a $815.00 price objective on the stock. BTIG Research reiterated a “buy” rating and issued a $843.00 target price on shares of Praxis Precision Medicines in a research report on Wednesday, May 20th. Jefferies Financial Group restated a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, May 7th. Finally, Truist Financial lifted their price target on Praxis Precision Medicines from $700.00 to $715.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Four research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $592.67.

Praxis Precision Medicines Stock Performance

The company has a market cap of $9.81 billion, a PE ratio of -26.31 and a beta of 2.76. The business’s 50-day moving average is $325.25 and its 200 day moving average is $294.27.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.58) by $0.38. Equities research analysts anticipate that Praxis Precision Medicines, Inc. will post -14.79 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GF Fund Management CO. LTD. boosted its stake in shares of Praxis Precision Medicines by 8.2% during the 4th quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock worth $144,000 after acquiring an additional 37 shares during the last quarter. KBC Group NV increased its stake in shares of Praxis Precision Medicines by 5.8% in the 1st quarter. KBC Group NV now owns 715 shares of the company’s stock worth $230,000 after purchasing an additional 39 shares in the last quarter. Carl P. Sherr & Co. LLC increased its stake in shares of Praxis Precision Medicines by 8.4% in the 1st quarter. Carl P. Sherr & Co. LLC now owns 972 shares of the company’s stock worth $313,000 after purchasing an additional 75 shares in the last quarter. GAMMA Investing LLC raised its holdings in Praxis Precision Medicines by 58.7% in the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after purchasing an additional 88 shares during the period. Finally, CWM LLC lifted its position in Praxis Precision Medicines by 15.5% during the fourth quarter. CWM LLC now owns 874 shares of the company’s stock valued at $258,000 after purchasing an additional 117 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.