Praxis Precision Medicines (NASDAQ:PRAX) Sees Large Volume Increase

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAXGet Free Report) saw unusually-high trading volume on Wednesday . Approximately 348,641 shares changed hands during trading, an increase of 60% from the previous session’s volume of 218,145 shares.The stock last traded at $45.97 and had previously closed at $45.90.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PRAX. Robert W. Baird started coverage on Praxis Precision Medicines in a research note on Wednesday, May 1st. They issued an “outperform” rating and a $117.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday. Finally, Jefferies Financial Group raised their target price on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a “buy” rating in a report on Tuesday, March 26th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $105.80.

Get Our Latest Stock Analysis on PRAX

Praxis Precision Medicines Stock Down 4.1 %

The stock has a fifty day moving average of $53.35 and a 200-day moving average of $37.57. The firm has a market capitalization of $752.84 million, a P/E ratio of -2.89 and a beta of 2.87.

Praxis Precision Medicines (NASDAQ:PRAXGet Free Report) last posted its quarterly earnings data on Tuesday, March 5th. The company reported ($2.97) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.05) by $0.08. Praxis Precision Medicines had a negative net margin of 5,711.85% and a negative return on equity of 143.53%. The company had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.30 million. Sell-side analysts predict that Praxis Precision Medicines, Inc. will post -8.64 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently made changes to their positions in PRAX. Simplex Trading LLC bought a new stake in Praxis Precision Medicines in the fourth quarter valued at approximately $31,000. SG Americas Securities LLC acquired a new position in shares of Praxis Precision Medicines during the 1st quarter worth approximately $150,000. Chase Investment Counsel Corp bought a new stake in Praxis Precision Medicines in the 1st quarter valued at $229,000. Boulder Hill Capital Management LP acquired a new stake in Praxis Precision Medicines during the 1st quarter valued at $256,000. Finally, Windmill Hill Asset Management Ltd bought a new position in Praxis Precision Medicines during the first quarter worth $321,000. 67.84% of the stock is owned by institutional investors.

Praxis Precision Medicines Company Profile

(Get Free Report)

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.

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