Praxis Precision Medicines (NASDAQ:PRAX) Sees Strong Trading Volume

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw an uptick in trading volume on Thursday . 127,342 shares were traded during mid-day trading, a decline of 31% from the previous session’s volume of 183,500 shares.The stock last traded at $62.10 and had previously closed at $59.20.

Analysts Set New Price Targets

PRAX has been the topic of several recent research reports. Truist Financial reaffirmed a “buy” rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, December 4th. Wedbush lifted their price target on shares of Praxis Precision Medicines from $16.00 to $29.00 and gave the company a “neutral” rating in a report on Friday, January 12th. Jefferies Financial Group increased their price objective on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $105.00 target price on shares of Praxis Precision Medicines in a report on Tuesday.

Praxis Precision Medicines Trading Up 2.0 %

The company has a 50 day simple moving average of $46.87 and a two-hundred day simple moving average of $29.94. The firm has a market capitalization of $799.56 million, a P/E ratio of -2.54 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Tuesday, March 5th. The company reported ($2.97) EPS for the quarter, topping the consensus estimate of ($3.05) by $0.08. The firm had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.30 million. Praxis Precision Medicines had a negative net margin of 5,037.88% and a negative return on equity of 151.02%. On average, sell-side analysts expect that Praxis Precision Medicines, Inc. will post -8.78 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Simplex Trading LLC purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter worth about $31,000. Barclays PLC purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter worth approximately $206,000. DLD Asset Management LP bought a new position in shares of Praxis Precision Medicines during the 4th quarter valued at approximately $223,000. Legal & General Group Plc grew its holdings in shares of Praxis Precision Medicines by 61.2% in the second quarter. Legal & General Group Plc now owns 12,736 shares of the company’s stock valued at $31,000 after purchasing an additional 4,834 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Praxis Precision Medicines during the first quarter valued at $139,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.