Praxis Precision Medicines (NASDAQ:PRAX) Sets New 1-Year High – What’s Next?

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) reached a new 52-week high during trading on Monday . The company traded as high as $303.00 and last traded at $315.0280, with a volume of 26671 shares. The stock had previously closed at $268.95.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. BTIG Research reaffirmed a “buy” rating and set a $843.00 price objective (up from $507.00) on shares of Praxis Precision Medicines in a report on Monday. Guggenheim reiterated a “buy” rating and issued a $760.00 price objective (up from $540.00) on shares of Praxis Precision Medicines in a research report on Tuesday, December 9th. TD Cowen raised their target price on shares of Praxis Precision Medicines from $251.00 to $353.00 and gave the company a “buy” rating in a report on Monday, December 8th. Jefferies Financial Group reissued a “buy” rating and set a $450.00 price target (up previously from $300.00) on shares of Praxis Precision Medicines in a research note on Tuesday, December 9th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Praxis Precision Medicines in a report on Monday, December 22nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $426.20.

Praxis Precision Medicines Stock Up 15.8%

The stock has a market capitalization of $7.79 billion, a price-to-earnings ratio of -23.87 and a beta of 2.95. The business has a 50-day simple moving average of $210.93 and a two-hundred day simple moving average of $107.38.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share for the quarter, topping the consensus estimate of ($3.45) by $0.09. On average, analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel Alex Nemiroff sold 25,130 shares of the business’s stock in a transaction dated 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lauren Mastrocola sold 13,600 shares of the business’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $192.08, for a total transaction of $2,612,288.00. Following the completion of the transaction, the insider directly owned 10,442 shares of the company’s stock, valued at $2,005,699.36. This trade represents a 56.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of large investors have recently added to or reduced their stakes in PRAX. Adage Capital Partners GP L.L.C. raised its position in Praxis Precision Medicines by 13.3% in the 2nd 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. Cormorant Asset Management LP raised its stake in Praxis Precision Medicines by 3.1% in the first quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company’s stock valued at $66,083,000 after buying an additional 51,781 shares during the period. Vanguard Group Inc. boosted its stake in shares of Praxis Precision Medicines by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,267,286 shares of the company’s stock worth $67,166,000 after acquiring an additional 51,642 shares during the period. Deerfield Management Company L.P. lifted its holdings in 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. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Praxis Precision Medicines by 19.1% in the second quarter. Assenagon Asset Management S.A. now owns 604,298 shares of the company’s stock valued at $25,411,000 after purchasing an additional 96,898 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

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.