Praxis Precision Medicines, Inc. (NASDAQ:PRAX – Get Free Report)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $69.62 and last traded at $69.35, with a volume of 166551 shares traded. The stock had previously closed at $65.00.
Wall Street Analysts Forecast Growth
PRAX has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $145.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, September 3rd. HC Wainwright restated a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, September 10th. Guggenheim lifted their price target on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Wedbush raised their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, August 14th. Finally, Oppenheimer reissued an “outperform” rating and issued a $143.00 target price (up previously from $134.00) on shares of Praxis Precision Medicines in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $143.44.
Check Out Our Latest Stock Report on Praxis Precision Medicines
Praxis Precision Medicines Stock Performance
Praxis Precision Medicines (NASDAQ:PRAX – Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.38) by $0.64. The business had revenue of $0.36 million for the quarter, compared to analyst estimates of $1.44 million. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. As a group, sell-side analysts expect that Praxis Precision Medicines, Inc. will post -8.5 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Praxis Precision Medicines
Institutional investors and hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD bought a new stake in shares of Praxis Precision Medicines during the 1st quarter valued at $32,707,000. Vanguard Group Inc. boosted its holdings in Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after buying an additional 373,131 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Praxis Precision Medicines by 523.2% during the 2nd quarter. Renaissance Technologies LLC now owns 75,433 shares of the company’s stock worth $3,120,000 after buying an additional 63,329 shares during the period. TD Asset Management Inc boosted its stake in Praxis Precision Medicines by 46.6% during the 2nd quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock worth $2,122,000 after acquiring an additional 16,312 shares during the last quarter. Finally, Ballentine Partners LLC acquired a new position in Praxis Precision Medicines during the second quarter valued at approximately $451,000. 67.84% of the stock is owned by institutional investors.
About Praxis Precision Medicines
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.
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