Praxis Precision Medicines (NASDAQ:PRAX) Shares Gap Up – Here’s What Happened

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares gapped up before the market opened on Tuesday. The stock had previously closed at $252.96, but opened at $267.35. Praxis Precision Medicines shares last traded at $268.1370, with a volume of 7,867 shares trading hands.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Raymond James Financial reiterated a “strong-buy” rating and issued a $945.00 price target on shares of Praxis Precision Medicines in a report on Monday, August 17th. JPMorgan Chase & Co. started coverage on shares of Praxis Precision Medicines in a report on Friday, October 16th. They set an “overweight” rating and a $700.00 price objective for the company. Robert W. Baird set a $514.00 price objective on Praxis Precision Medicines in a research report on Friday, August 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $582.00 target price on shares of Praxis Precision Medicines in a report on Thursday, September 24th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Monday, August 24th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and a consensus target price of $630.42.

Praxis Precision Medicines Stock Up 1.3%

The business’s fifty day moving average is $308.67 and its two-hundred day moving average is $314.53. The stock has a market capitalization of $7.56 billion, a PE ratio of -20.97 and a beta of 2.79.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, topping the consensus estimate of ($3.67) by $0.80. Sell-side analysts expect that Praxis Precision Medicines, Inc. will post -14.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Park Avenue Securities LLC bought a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at about $241,000. Sterling Capital Management LLC grew its position in Praxis Precision Medicines by 842.0% in the third quarter. Sterling Capital Management LLC now owns 829 shares of the company’s stock worth $241,000 after acquiring an additional 741 shares in the last quarter. Inspire Investing LLC purchased a new position in Praxis Precision Medicines in the third quarter worth about $502,000. Nisa Investment Advisors LLC grew its position in Praxis Precision Medicines by 0.9% in the third quarter. Nisa Investment Advisors LLC now owns 6,167 shares of the company’s stock worth $1,796,000 after acquiring an additional 56 shares in the last quarter. Finally, Net Worth Advisory Group bought a new stake in Praxis Precision Medicines during the third quarter worth approximately $330,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for disorders of the central nervous system. The company applies its Cerebrum™ platform, which combines human genetics, neuroscience and data science, to identify disease mechanisms and advance precision medicines for patients with neurological and psychiatric conditions.

Its pipeline has included investigational treatments for epilepsy and other severe neurological disorders. Key programs have included PRAX-628, a small-molecule antiseizure medicine candidate, and elsunersen, an antisense oligonucleotide program being developed for certain genetically defined forms of epilepsy.