Praxis Precision Medicines (NASDAQ:PRAX) Reaches New 1-Year High – Here’s What Happened

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $283.29 and last traded at $282.0950, with a volume of 130641 shares changing hands. The stock had previously closed at $272.92.

Analysts Set New Price Targets

Several research firms have weighed in on PRAX. Weiss Ratings reiterated a “sell (e+)” rating on shares of Praxis Precision Medicines in a research note on Monday. Wedbush reaffirmed an “underperform” rating and issued a $83.00 price target (up from $77.00) on shares of Praxis Precision Medicines in a report on Friday, December 5th. Guggenheim reaffirmed a “buy” rating and set a $760.00 price objective (up previously from $540.00) on shares of Praxis Precision Medicines in a research report on Tuesday, December 9th. UBS Group set a $750.00 target price on shares of Praxis Precision Medicines in a report on Monday, December 15th. Finally, BTIG Research set a $507.00 target price on Praxis Precision Medicines in a research note on Monday, December 8th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $403.80.

Praxis Precision Medicines Stock Performance

The firm has a market cap of $6.92 billion, a price-to-earnings ratio of -21.45 and a beta of 2.95. The stock’s fifty day moving average is $202.69 and its two-hundred day moving average is $102.54.

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

Insider Buying and Selling

In related news, General Counsel Alex Nemiroff sold 25,130 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $193.09, for a total value of $4,852,351.70. Following the sale, the general counsel directly owned 20,832 shares in the company, valued at $4,022,450.88. This trade represents a 54.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lauren Mastrocola sold 13,600 shares of Praxis Precision Medicines stock in a transaction 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 sale, the insider directly owned 10,442 shares in the company, valued at $2,005,699.36. The trade was a 56.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC increased its stake in Praxis Precision Medicines by 88.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after buying an additional 295 shares during the period. CWM LLC lifted its stake in shares of Praxis Precision Medicines by 877.9% in the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock worth $32,000 after acquiring an additional 676 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Praxis Precision Medicines by 24.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after acquiring an additional 359 shares in the last quarter. AlphaQuest LLC boosted its holdings in shares of Praxis Precision Medicines by 1,623.3% in the third quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock valued at $106,000 after acquiring an additional 1,883 shares in the last quarter. Finally, ProShare Advisors LLC acquired a new position in shares of Praxis Precision Medicines during the third quarter valued at approximately $203,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

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.