Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Up 6.3% – Should You Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price was up 6.3% during trading on Monday . The company traded as high as $391.41 and last traded at $389.9360. Approximately 181,975 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 471,703 shares. The stock had previously closed at $366.81.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $374.00 target price (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Wells Fargo & Company restated a “positive” rating and issued a $362.00 price target (up from $323.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. BTIG Research reaffirmed a “buy” rating and issued a $810.00 price objective on shares of Praxis Precision Medicines in a research note on Wednesday, July 29th. Truist Financial set a $616.00 price objective on shares of Praxis Precision Medicines and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, Wall Street Zen raised shares of Praxis Precision Medicines from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $579.55.

Praxis Precision Medicines Price Performance

The stock has a market capitalization of $10.33 billion, a price-to-earnings ratio of -28.60 and a beta of 2.78. The business’s fifty day moving average price is $318.21 and its 200-day moving average price is $318.83.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, topping the consensus estimate of ($3.67) by $0.80. Equities research analysts predict that Praxis Precision Medicines, Inc. will post -13.92 earnings per share for the current fiscal year.

Insider Transactions at Praxis Precision Medicines

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the completion of the sale, the director directly owned 2,337 shares of the company’s stock, valued at approximately $727,554.84. The trade was a 83.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Swiss National Bank boosted its holdings in Praxis Precision Medicines by 15.3% during the first quarter. Swiss National Bank now owns 46,700 shares of the company’s stock worth $15,046,000 after purchasing an additional 6,200 shares during the last quarter. Fifth Third Bancorp bought a new stake in Praxis Precision Medicines in the 1st quarter worth about $1,156,000. Geode Capital Management LLC increased its stake in Praxis Precision Medicines by 23.1% in the 4th quarter. Geode Capital Management LLC now owns 562,379 shares of the company’s stock valued at $165,783,000 after buying an additional 105,347 shares during the last quarter. Orbimed Advisors LLC increased its stake in Praxis Precision Medicines by 82.5% in the 1st quarter. Orbimed Advisors LLC now owns 172,500 shares of the company’s stock valued at $55,578,000 after buying an additional 78,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Praxis Precision Medicines by 32.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,161 shares of the company’s stock worth $10,040,000 after buying an additional 7,618 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.