Praxis Precision Medicines (NASDAQ:PRAX) Shares Up 7.5% – Still a Buy?

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) traded up 7.5% during trading on Friday . The stock traded as high as $267.60 and last traded at $266.6930. 188,830 shares traded hands during trading, a decline of 59% from the average session volume of 463,474 shares. The stock had previously closed at $247.98.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Raymond James Financial assumed coverage on Praxis Precision Medicines in a report on Friday, April 10th. They set a “strong-buy” rating and a $815.00 price target on the stock. Wells Fargo & Company set a $305.00 price target on Praxis Precision Medicines and gave the company an “equal weight” rating in a report on Friday, February 20th. Needham & Company LLC reiterated a “buy” rating and set a $510.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, April 14th. Truist Financial set a $616.00 price target on Praxis Precision Medicines and gave the company a “buy” rating in a report on Tuesday, June 2nd. Finally, BTIG Research reaffirmed a “buy” rating and issued a $810.00 target price (down from $843.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Four analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and a consensus price target of $572.72.

Praxis Precision Medicines Stock Up 7.5%

The stock’s 50-day moving average is $319.32 and its 200-day moving average is $300.57. The firm has a market cap of $7.43 billion, a P/E ratio of -19.94 and a beta of 2.71.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.58) by $0.38. As a group, analysts expect that Praxis Precision Medicines, Inc. will post -14.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently bought and sold shares of the stock. NBC Securities Inc. bought a new position in Praxis Precision Medicines during the fourth quarter worth $38,000. Parallel Advisors LLC boosted its stake in Praxis Precision Medicines by 3,000.0% during the first quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after buying an additional 120 shares in the last quarter. Danske Bank A S acquired a new stake in Praxis Precision Medicines during the fourth quarter worth $59,000. GAMMA Investing LLC boosted its stake in Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after buying an additional 88 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after buying an additional 359 shares in the last quarter. Institutional investors own 67.84% of the company’s stock.

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.