Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Up 6.2% – Should You Buy?

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) rose 6.2% during mid-day trading on Wednesday . The company traded as high as $275.34 and last traded at $273.96. Approximately 204,249 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 452,172 shares. The stock had previously closed at $258.08.

Analyst Ratings Changes

PRAX has been the topic of a number of research reports. Wedbush dropped their price target on Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating on the stock in a research note on Tuesday. Truist Financial set a $616.00 target price on Praxis Precision Medicines and gave the stock a “buy” rating in a report on Tuesday. Wolfe Research initiated coverage on Praxis Precision Medicines in a report on Monday, February 23rd. They set an “outperform” rating and a $500.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and set a $510.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, April 14th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $650.00 target price (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday. Four research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Praxis Precision Medicines has an average rating of “Moderate Buy” and an average price target of $572.72.

Praxis Precision Medicines Price Performance

The company has a market cap of $7.38 billion, a PE ratio of -19.80 and a beta of 2.71. The company has a 50-day moving average of $325.52 and a 200 day moving average of $298.41.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, topping the consensus estimate of ($3.58) by $0.38. Equities research analysts expect that Praxis Precision Medicines, Inc. will post -14.79 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC grew its position in Praxis Precision Medicines by 3,000.0% in the first quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after acquiring an additional 120 shares in the last quarter. Perceptive Advisors LLC boosted its position in shares of Praxis Precision Medicines by 2.0% during the first quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock valued at $655,974,000 after buying an additional 40,000 shares during the period. CTC Alternative Strategies Ltd. purchased a new position in shares of Praxis Precision Medicines during the first quarter valued at approximately $298,000. Vivo Capital LLC boosted its position in shares of Praxis Precision Medicines by 3.0% during the first quarter. Vivo Capital LLC now owns 338,895 shares of the company’s stock valued at $109,189,000 after buying an additional 10,000 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of Praxis Precision Medicines by 2.3% during the first quarter. Bank of America Corp DE now owns 534,604 shares of the company’s stock valued at $172,244,000 after buying an additional 11,841 shares during the period. 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.