Praxis Precision Medicines (NASDAQ:PRAX) Sees Large Volume Increase

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw strong trading volume on Tuesday . 165,555 shares were traded during mid-day trading, a decline of 34% from the previous session’s volume of 251,839 shares.The stock last traded at $39.00 and had previously closed at $40.61.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Guggenheim assumed coverage on shares of Praxis Precision Medicines in a report on Tuesday, June 18th. They issued a “buy” rating and a $155.00 price target on the stock. Needham & Company LLC started coverage on shares of Praxis Precision Medicines in a report on Monday. They issued a “buy” rating and a $145.00 price target on the stock. Robert W. Baird started coverage on shares of Praxis Precision Medicines in a research note on Wednesday, May 1st. They issued an “outperform” rating and a $117.00 price objective for the company. Truist Financial reaffirmed a “buy” rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, May 16th. Finally, Jefferies Financial Group upped their price objective on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the company a “buy” rating in a research note on Tuesday, March 26th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $118.43.

Praxis Precision Medicines Stock Performance

The business has a 50-day simple moving average of $46.24 and a 200 day simple moving average of $42.99. The firm has a market cap of $670.03 million, a P/E ratio of -2.50 and a beta of 2.79.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Monday, May 13th. The company reported ($2.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.01) by ($0.83). Praxis Precision Medicines had a negative net margin of 5,711.85% and a negative return on equity of 101.99%. The business had revenue of $0.43 million for the quarter, compared to analysts’ expectations of $2.75 million. On average, research analysts expect that Praxis Precision Medicines, Inc. will post -10.13 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Simplex Trading LLC purchased a new position in shares of Praxis Precision Medicines during the 4th quarter worth approximately $31,000. SG Americas Securities LLC purchased a new position in shares of Praxis Precision Medicines during the 1st quarter worth approximately $150,000. Victory Capital Management Inc. grew its holdings in shares of Praxis Precision Medicines by 25.0% during the 4th quarter. Victory Capital Management Inc. now owns 15,705 shares of the company’s stock worth $350,000 after acquiring an additional 3,137 shares during the period. Kingdon Capital Management L.L.C. grew its holdings in shares of Praxis Precision Medicines by 1.0% during the 1st quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock worth $21,357,000 after acquiring an additional 3,335 shares during the period. Finally, Chase Investment Counsel Corp purchased a new position in shares of Praxis Precision Medicines during the 1st quarter worth approximately $229,000. 67.84% of the stock is currently owned by institutional investors.

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.