Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Up 6.3% – Still a Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares traded up 6.3% on Monday . The company traded as high as $391.41 and last traded at $389.9360. Approximately 181,975 shares were traded during trading, a decline of 61% from the average daily volume of 471,703 shares. The stock had previously closed at $366.81.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Needham & Company LLC boosted their price target on shares of Praxis Precision Medicines from $575.00 to $582.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $945.00 price objective on shares of Praxis Precision Medicines in a research report on Monday. Wedbush reduced their target price on Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating on the stock in a report on Tuesday, June 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Wednesday, May 27th. Finally, The Goldman Sachs Group started coverage on Praxis Precision Medicines in a research note on Monday, July 13th. They issued a “buy” rating and a $447.00 target price for the company. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $579.55.

Praxis Precision Medicines Stock Performance

The stock’s 50-day moving average price is $313.35 and its two-hundred day moving average price is $317.98. The stock has a market capitalization of $10.84 billion, a PE ratio of -30.03 and a beta of 2.78.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.67) by $0.80. On average, analysts predict that Praxis Precision Medicines, Inc. will post -13.92 earnings per share for the current fiscal year.

Insider Buying and Selling 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 shares were sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the completion of the transaction, the director 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 link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds have recently made changes to their positions in PRAX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Praxis Precision Medicines by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company’s stock worth $444,000 after buying an additional 573 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Praxis Precision Medicines by 367.8% during the first 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 buying an additional 68,466 shares during the last quarter. Creative Planning bought a new stake in Praxis Precision Medicines in the second quarter worth $273,000. JPMorgan Chase & Co. boosted its holdings in Praxis Precision Medicines by 21.4% in the second quarter. JPMorgan Chase & Co. now owns 13,938 shares of the company’s stock worth $586,000 after acquiring an additional 2,459 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in Praxis Precision Medicines by 15.7% in the second quarter. Legal & General Group Plc now owns 16,670 shares of the company’s stock worth $701,000 after acquiring an additional 2,261 shares in the last quarter. 67.84% of the stock is owned by 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.