Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Up 7% – Here’s Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price shot up 7% on Wednesday . The stock traded as high as $300.97 and last traded at $300.6110. 280,035 shares traded hands during trading, a decline of 50% from the average session volume of 557,984 shares. The stock had previously closed at $280.83.

Wall Street Analyst Weigh In

PRAX has been the topic of a number of research analyst reports. Chardan Capital raised Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, November 19th. UBS Group set a $750.00 target price on shares of Praxis Precision Medicines in a research note on Monday, December 15th. TD Cowen boosted their price target on shares of Praxis Precision Medicines from $251.00 to $353.00 and gave the stock a “buy” rating in a research report on Monday, December 8th. HC Wainwright reiterated a “buy” rating on shares of Praxis Precision Medicines in a report on Tuesday, December 30th. Finally, Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a research note on Friday, January 2nd. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $436.67.

Praxis Precision Medicines Trading Up 8.2%

The firm has a market capitalization of $7.66 billion, a P/E ratio of -23.34 and a beta of 2.85. The business’s fifty day moving average is $235.40 and its 200 day moving average is $128.07.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.45) by $0.09. As a group, sell-side analysts predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 13,600 shares of the business’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $192.08, for a total transaction of $2,612,288.00. Following the sale, the insider owned 10,442 shares in the company, valued at approximately $2,005,699.36. The trade was a 56.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Alex Nemiroff sold 25,130 shares of the firm’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 owned 20,832 shares of the company’s stock, valued at approximately $4,022,450.88. The trade was a 54.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of large investors have recently made changes to their positions in the company. Congress Asset Management Co. purchased a new stake in shares of Praxis Precision Medicines in the third quarter worth approximately $1,613,000. Vivo Capital LLC acquired a new position in Praxis Precision Medicines in the 2nd quarter valued at approximately $7,048,000. Aberdeen Group plc lifted its position in Praxis Precision Medicines by 143.5% in the 2nd quarter. Aberdeen Group plc now owns 214,056 shares of the company’s stock worth $9,001,000 after buying an additional 126,153 shares in the last quarter. Kennedy Capital Management LLC boosted its stake in shares of Praxis Precision Medicines by 7.9% during the 2nd quarter. Kennedy Capital Management LLC now owns 70,445 shares of the company’s stock valued at $2,962,000 after buying an additional 5,180 shares during the period. Finally, Swiss National Bank grew its holdings in shares of Praxis Precision Medicines by 13.7% during the 2nd quarter. Swiss National Bank now owns 30,800 shares of the company’s stock valued at $1,295,000 after acquiring an additional 3,700 shares in the last quarter. Institutional investors and hedge funds 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.