Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Up 12.7% Following Better-Than-Expected Earnings

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) was up 12.7% on Monday after the company announced better than expected quarterly earnings. The stock traded as high as $310.00 and last traded at $312.9850. Approximately 224,104 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 463,969 shares. The stock had previously closed at $277.62.

The company reported ($3.23) earnings per share for the quarter, topping the consensus estimate of ($3.54) by $0.31.

Analyst Upgrades and Downgrades

PRAX has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Monday, August 24th. The Goldman Sachs Group reissued a “buy” rating and set a $575.00 price objective (up from $470.00) on shares of Praxis Precision Medicines in a report on Friday, August 21st. Piper Sandler reissued an “overweight” rating on shares of Praxis Precision Medicines in a report on Monday, July 13th. BTIG Research increased their price objective on Praxis Precision Medicines from $810.00 to $826.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. Finally, UBS Group began coverage on Praxis Precision Medicines in a report on Wednesday, October 14th. They issued a “buy” rating and a $706.00 target price on the stock. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $630.42.

Institutional Trading of Praxis Precision Medicines

Several institutional investors have recently made changes to their positions in the company. Integrated Wealth Concepts LLC purchased a new stake in shares of Praxis Precision Medicines in the second quarter valued at about $38,000. Parallel Advisors LLC boosted its holdings in 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 during the last quarter. IFP Advisors Inc grew its position in Praxis Precision Medicines by 632.0% in the 3rd quarter. IFP Advisors Inc now owns 183 shares of the company’s stock worth $53,000 after purchasing an additional 158 shares in the last quarter. GAMMA Investing LLC grew its position in Praxis Precision Medicines by 10.3% in the 2nd quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock worth $111,000 after purchasing an additional 31 shares in the last quarter. Finally, Provenance Wealth Advisors LLC purchased a new stake in Praxis Precision Medicines in the 3rd quarter valued at about $128,000. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Performance

The company’s 50 day simple moving average is $291.73 and its 200 day simple moving average is $313.72. The stock has a market cap of $8.60 billion, a PE ratio of -23.82 and a beta of 2.85.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on developing treatments for neurological and psychiatric disorders. The company applies neuroscience and precision-medicine research to conditions involving abnormalities in brain circuits and neuronal activity.

Its investigational programs have included small-molecule therapies for disorders such as essential tremor and epilepsy, as well as genetic-medicine approaches for certain rare neurological conditions.