Praxis Precision Medicines (NASDAQ:PRAX) Shares Up 7.1% – Time to Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price rose 7.1% during trading on Monday. The company traded as high as $259.41 and last traded at $258.9470. 168,600 shares traded hands during trading, a decline of 64% from the average session volume of 466,343 shares. The stock had previously closed at $241.76.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Wells Fargo & Company reiterated a “positive” rating and set a $362.00 target price (up from $323.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. Raymond James Financial restated a “strong-buy” rating and set a $945.00 target price on shares of Praxis Precision Medicines in a report on Monday, August 17th. JPMorgan Chase & Co. assumed coverage on shares of Praxis Precision Medicines in a research report on Friday. They issued an “overweight” rating and a $700.00 price objective for the company. Needham & Company LLC restated a “buy” rating and set a $582.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, September 24th. Finally, HC Wainwright restated a “buy” rating and set a $1,201.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and a consensus target price of $630.42.

Praxis Precision Medicines Stock Up 7.1%

The stock has a market capitalization of $7.23 billion, a price-to-earnings ratio of -19.95 and a beta of 2.79. The company’s fifty day simple moving average is $321.69 and its 200 day simple moving average is $318.60.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.67) by $0.80. As a group, analysts anticipate that Praxis Precision Medicines, Inc. will post -13.90 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRAX. IFP Advisors Inc lifted its position in Praxis Precision Medicines by 632.0% during the third quarter. IFP Advisors Inc now owns 183 shares of the company’s stock worth $53,000 after acquiring an additional 158 shares during the last quarter. Eagle Bay Advisors LLC grew its position in shares of Praxis Precision Medicines by 11.3% in the third quarter. Eagle Bay Advisors LLC now owns 1,064 shares of the company’s stock valued at $310,000 after purchasing an additional 108 shares during the last quarter. Avior Wealth Management LLC acquired a new position in shares of Praxis Precision Medicines in the third quarter valued at approximately $227,000. GAMMA Investing LLC grew its position in shares of Praxis Precision Medicines by 30.1% in the third quarter. GAMMA Investing LLC now owns 432 shares of the company’s stock valued at $126,000 after purchasing an additional 100 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Praxis Precision Medicines during the second quarter worth approximately $38,000. 67.84% of the stock is owned by institutional investors.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for disorders of the central nervous system. The company applies its Cerebrum™ platform, which combines human genetics, neuroscience and data science, to identify disease mechanisms and advance precision medicines for patients with neurological and psychiatric conditions.

Its pipeline has included investigational treatments for epilepsy and other severe neurological disorders. Key programs have included PRAX-628, a small-molecule antiseizure medicine candidate, and elsunersen, an antisense oligonucleotide program being developed for certain genetically defined forms of epilepsy.