Praxis Precision Medicines (NASDAQ:PRAX) Hits New 52-Week High on Better-Than-Expected Earnings

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) reached a new 52-week high on Thursday following a stronger than expected earnings report. The stock traded as high as $374.99 and last traded at $375.4810, with a volume of 223879 shares changing hands. The stock had previously closed at $319.23.

The company reported ($2.87) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.67) by $0.80.

Wall Street Analysts Forecast Growth

PRAX has been the subject of a number of recent analyst reports. The Goldman Sachs Group began coverage on Praxis Precision Medicines in a report on Monday, July 13th. They set a “buy” rating and a $447.00 price objective for the company. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $374.00 target price (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. TD Cowen reissued a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Raymond James Financial assumed coverage on shares of Praxis Precision Medicines in a research note on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 price target on the stock. Finally, Robert W. Baird decreased their price objective on shares of Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating for the company in a report on Tuesday, June 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $563.50.

Insider Transactions at Praxis Precision Medicines

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total value of $3,611,312.00. Following the sale, the director directly owned 2,337 shares of the company’s stock, valued at approximately $727,554.84. This trade represents a 83.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors have recently bought and sold shares of PRAX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Praxis Precision Medicines by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company’s stock worth $444,000 after acquiring an additional 573 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Praxis Precision Medicines by 367.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company’s stock valued at $3,298,000 after purchasing an additional 68,466 shares in the last quarter. Creative Planning purchased a new stake in shares of Praxis Precision Medicines during the 2nd quarter worth $273,000. JPMorgan Chase & Co. lifted its position in shares of Praxis Precision Medicines by 21.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 13,938 shares of the company’s stock worth $586,000 after purchasing an additional 2,459 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Praxis Precision Medicines by 15.7% during the second quarter. Legal & General Group Plc now owns 16,670 shares of the company’s stock worth $701,000 after purchasing an additional 2,261 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Price Performance

The stock has a market cap of $10.36 billion, a price-to-earnings ratio of -28.04 and a beta of 2.78. The business’s 50 day moving average is $303.42 and its 200 day moving average is $315.10.

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.