Praxis Precision Medicines (NASDAQ:PRAX) Trading Up 7.5% – What’s Next?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price was up 7.5% during trading on Friday . The stock traded as high as $267.60 and last traded at $266.6930. Approximately 188,830 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 463,474 shares. The stock had previously closed at $247.98.

Analysts Set New Price Targets

Several equities analysts have commented on PRAX shares. Truist Financial set a $616.00 price target on shares of Praxis Precision Medicines and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. TD Cowen restated a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Raymond James Financial began coverage on shares of Praxis Precision Medicines in a research note on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 price target for the company. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $374.00 price target (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Finally, Wolfe Research began coverage on shares of Praxis Precision Medicines in a research note on Monday, February 23rd. They issued an “outperform” rating and a $500.00 price target for the company. Four research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $572.72.

Praxis Precision Medicines Stock Performance

The firm has a market cap of $7.47 billion, a price-to-earnings ratio of -20.04 and a beta of 2.71. The firm has a 50-day moving average price of $320.38 and a two-hundred day moving average price of $300.81.

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

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC increased its position in shares of Praxis Precision Medicines by 3,000.0% during the first quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after purchasing an additional 120 shares in the last quarter. NBC Securities Inc. acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth about $38,000. Danske Bank A S acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth about $59,000. GAMMA Investing LLC increased its position in shares of Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after purchasing an additional 88 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its position in shares of Praxis Precision Medicines by 60.0% during the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock worth $108,000 after purchasing an additional 138 shares in the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

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.