Praxis Precision Medicines (NASDAQ:PRAX) Reaches New 52-Week High – Here’s Why

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) reached a new 52-week high on Monday . The company traded as high as $69.62 and last traded at $69.35, with a volume of 166551 shares traded. The stock had previously closed at $65.00.

Analyst Ratings Changes

A number of research firms have recently commented on PRAX. HC Wainwright restated a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, September 10th. Wedbush upped their target price on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $145.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, September 3rd. Oppenheimer reissued an “outperform” rating and issued a $143.00 price objective (up previously from $134.00) on shares of Praxis Precision Medicines in a research note on Wednesday, September 4th. Finally, Piper Sandler restated an “overweight” rating and set a $270.00 price objective on shares of Praxis Precision Medicines in a report on Monday, July 1st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.44.

Praxis Precision Medicines Stock Performance

The firm has a market capitalization of $1.20 billion, a PE ratio of -4.35 and a beta of 2.73. The stock has a fifty day moving average price of $56.77 and a 200-day moving average price of $51.40.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.38) by $0.64. The company had revenue of $0.36 million for the quarter, compared to analyst estimates of $1.44 million. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. Research analysts expect that Praxis Precision Medicines, Inc. will post -8.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Amalgamated Bank purchased a new position in Praxis Precision Medicines in the second quarter worth $25,000. Quarry LP acquired a new position in Praxis Precision Medicines during the 2nd quarter valued at about $83,000. SG Americas Securities LLC acquired a new position in Praxis Precision Medicines during the 1st quarter valued at about $150,000. Chase Investment Counsel Corp purchased a new stake in Praxis Precision Medicines in the first quarter valued at about $229,000. Finally, Boulder Hill Capital Management LP acquired a new stake in Praxis Precision Medicines in the first quarter worth about $256,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

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.