Praxis Precision Medicines (NASDAQ:PRAX) Reaches New 12-Month High – Still a Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) reached a new 52-week high during trading on Monday . The company traded as high as $328.27 and last traded at $324.7530, with a volume of 112883 shares. The stock had previously closed at $319.57.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Chardan Capital upgraded Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, November 19th. Wedbush lifted their price objective on shares of Praxis Precision Medicines from $83.00 to $95.00 and gave the company an “underperform” rating in a report on Monday, January 12th. Truist Financial lifted their price objective on shares of Praxis Precision Medicines from $360.00 to $500.00 and gave the stock a “buy” rating in a research report on Monday, December 8th. Piper Sandler reiterated an “overweight” rating and issued a $1,200.00 price target (up from $450.00) on shares of Praxis Precision Medicines in a research note on Wednesday, January 28th. Finally, UBS Group set a $750.00 target price on Praxis Precision Medicines in a research report on Monday, December 15th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $533.56.

Praxis Precision Medicines Trading Down 0.0%

The company has a fifty day moving average of $281.80 and a 200-day moving average of $160.98. The company has a market capitalization of $8.05 billion, a price-to-earnings ratio of -24.77 and a beta of 2.84.

Insider Buying and Selling

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 13,600 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $192.08, for a total value of $2,612,288.00. Following 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. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Alex Nemiroff sold 25,130 shares of the company’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $193.09, for a total value of $4,852,351.70. Following the completion of the sale, 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. Company insiders own 2.70% of the company’s stock.

Institutional Trading of Praxis Precision Medicines

Several institutional investors and hedge funds have recently bought and sold shares of PRAX. Nisa Investment Advisors LLC raised its position in Praxis Precision Medicines by 88.3% in the second quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after purchasing an additional 295 shares during the period. CWM LLC boosted its position in shares of Praxis Precision Medicines by 877.9% during the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock worth $32,000 after acquiring an additional 676 shares in the last quarter. NBC Securities Inc. acquired a new position in Praxis Precision Medicines in the fourth quarter valued at approximately $38,000. Danske Bank A S acquired a new position in shares of Praxis Precision Medicines in the 4th quarter valued at $59,000. Finally, GAMMA Investing LLC grew its holdings in shares of Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after purchasing an additional 88 shares during the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

About Praxis Precision Medicines

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.