Praxis Precision Medicines (NASDAQ:PRAX) Hits New 1-Year High – Here’s Why

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) hit a new 52-week high during trading on Monday . The company traded as high as $328.27 and last traded at $324.7530, with a volume of 112883 shares trading hands. The stock had previously closed at $319.57.

Analyst Upgrades and Downgrades

PRAX has been the subject of a number of analyst reports. Chardan Capital upgraded shares of Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, November 19th. HC Wainwright reiterated a “buy” rating and set a $1,245.00 price target (up previously from $340.00) on shares of Praxis Precision Medicines in a report on Friday, January 30th. Piper Sandler restated an “overweight” rating and set a $1,200.00 price objective (up from $450.00) on shares of Praxis Precision Medicines in a research note on Wednesday, January 28th. Guggenheim reiterated a “buy” rating on shares of Praxis Precision Medicines in a report on Monday, December 29th. Finally, TD Cowen reissued a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, January 29th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $533.56.

Praxis Precision Medicines Price Performance

The company has a 50 day moving average of $281.80 and a 200-day moving average of $160.98. The company has a market cap of $8.05 billion, a P/E ratio of -24.77 and a beta of 2.84.

Insider Transactions at Praxis Precision Medicines

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 13,600 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $192.08, for a total value of $2,612,288.00. Following the completion of the sale, the insider owned 10,442 shares in the company, valued at approximately $2,005,699.36. The trade was a 56.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Alex Nemiroff sold 25,130 shares of Praxis Precision Medicines stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the completion of the transaction, the general counsel directly owned 20,832 shares in the company, valued at approximately $4,022,450.88. The trade was a 54.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.70% of the stock is currently owned by corporate insiders.

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. Adage Capital Partners GP L.L.C. raised its stake in Praxis Precision Medicines by 13.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock valued at $83,031,000 after buying an additional 231,827 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Praxis Precision Medicines by 15.3% in the fourth quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company’s stock worth $430,595,000 after acquiring an additional 193,647 shares during the period. Deerfield Management Company L.P. increased its position in shares of Praxis Precision Medicines by 22.4% during the 3rd quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock valued at $44,565,000 after purchasing an additional 153,920 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Praxis Precision Medicines by 23.1% in the 4th quarter. Geode Capital Management LLC now owns 562,379 shares of the company’s stock worth $165,783,000 after purchasing an additional 105,347 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Praxis Precision Medicines by 12.7% in the third quarter. Bank of America Corp DE now owns 482,861 shares of the company’s stock worth $25,592,000 after buying an additional 54,458 shares during the period. 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.