Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Up 4.9% – Time to Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price rose 4.9% on Wednesday . The company traded as high as $84.01 and last traded at $82.50. Approximately 22,948 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 366,686 shares. The stock had previously closed at $78.65.

Analyst Upgrades and Downgrades

PRAX has been the subject of a number of research reports. Oppenheimer increased their price target on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Truist Financial increased their price target on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. HC Wainwright reissued a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, December 12th. Needham & Company LLC reissued a “buy” rating and issued a $150.00 price target on shares of Praxis Precision Medicines in a report on Monday, February 10th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price objective for the company. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $145.20.

Praxis Precision Medicines Stock Performance

The firm has a market cap of $1.56 billion, a price-to-earnings ratio of -8.09 and a beta of 2.65. The business’s 50-day moving average is $77.04 and its 200-day moving average is $68.94.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds have recently made changes to their positions in PRAX. Assenagon Asset Management S.A. increased its position in shares of Praxis Precision Medicines by 5,437.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock worth $43,027,000 after purchasing an additional 548,986 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Praxis Precision Medicines by 77.5% during the 4th quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock worth $71,621,000 after purchasing an additional 405,957 shares in the last quarter. VR Adviser LLC increased its position in shares of Praxis Precision Medicines by 40.2% during the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock worth $76,189,000 after purchasing an additional 283,854 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter worth about $17,454,000. Finally, Franklin Resources Inc. increased its position in shares of Praxis Precision Medicines by 85.6% during the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock worth $25,619,000 after purchasing an additional 205,335 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

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.