Praxis Precision Medicines (NASDAQ:PRAX) Hits New 12-Month High – What’s Next?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $382.97 and last traded at $382.97, with a volume of 359778 shares trading hands. The stock had previously closed at $370.68.

Analysts Set New Price Targets

A number of brokerages have recently commented on PRAX. Piper Sandler reaffirmed an “overweight” rating on shares of Praxis Precision Medicines in a research report on Monday, July 13th. Truist Financial set a $616.00 price objective on Praxis Precision Medicines and gave the stock a “buy” rating in a report on Tuesday, June 2nd. TD Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Praxis Precision Medicines in a report on Wednesday, May 27th. Finally, Robert W. Baird set a $514.00 target price on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Four research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, Praxis Precision Medicines has a consensus rating of “Buy” and a consensus target price of $573.05.

Praxis Precision Medicines Stock Down 0.9%

The firm has a 50-day simple moving average of $311.10 and a 200-day simple moving average of $317.46. The stock has a market cap of $10.19 billion, a PE ratio of -28.20 and a beta of 2.78.

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

Insiders Place Their Bets

In other news, Director Jill Desimone sold 11,600 shares of the company’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the sale, the director directly owned 2,337 shares in the company, valued at $727,554.84. This represents a 83.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of large investors have recently modified their holdings of PRAX. Swiss National Bank lifted its position in Praxis Precision Medicines by 15.3% during the first quarter. Swiss National Bank now owns 46,700 shares of the company’s stock valued at $15,046,000 after purchasing an additional 6,200 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Praxis Precision Medicines by 23.1% in the 4th quarter. Geode Capital Management LLC now owns 562,379 shares of the company’s stock worth $165,783,000 after buying an additional 105,347 shares during the last quarter. Fifth Third Bancorp bought a new position in shares of Praxis Precision Medicines in the 1st quarter worth $1,156,000. Massachusetts Financial Services Co. MA purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at $977,000. Finally, Orbimed Advisors LLC raised its position in shares of Praxis Precision Medicines by 82.5% during the 1st quarter. Orbimed Advisors LLC now owns 172,500 shares of the company’s stock valued at $55,578,000 after buying an additional 78,000 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors.

Praxis Precision Medicines Company Profile

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.