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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price hit a new 52-week high on Friday . The stock traded as high as $326.91 and last traded at $317.7920, with a volume of 278677 shares. The stock had previously closed at $297.74.

Analyst Upgrades and Downgrades

Several research analysts have commented on PRAX shares. Jefferies Financial Group reaffirmed a “buy” rating and set a $450.00 target price (up from $300.00) on shares of Praxis Precision Medicines in a report on Tuesday, December 9th. BTIG Research reaffirmed a “buy” rating and issued a $843.00 price objective (up from $507.00) on shares of Praxis Precision Medicines in a research note on Monday, December 29th. Wedbush increased their target price on shares of Praxis Precision Medicines from $83.00 to $95.00 and gave the company an “underperform” rating in a research report on Monday, January 12th. Weiss Ratings restated a “sell (e+)” rating on shares of Praxis Precision Medicines in a report on Monday, December 29th. Finally, Chardan Capital raised shares of Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, November 19th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $436.67.

Praxis Precision Medicines Stock Performance

The stock has a market capitalization of $7.99 billion, a P/E ratio of -24.59 and a beta of 2.85. The business has a fifty day simple moving average of $243.56 and a 200-day simple moving average of $132.97.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($3.36) earnings per share for the quarter, beating the consensus estimate of ($3.45) by $0.09. On average, sell-side analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Insider Transactions at Praxis Precision Medicines

In related news, General Counsel Alex Nemiroff sold 25,130 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the transaction, the general counsel directly owned 20,832 shares of the company’s stock, valued at approximately $4,022,450.88. This represents a 54.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lauren Mastrocola sold 13,600 shares of the stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $192.08, for a total value of $2,612,288.00. Following the completion of the transaction, the insider owned 10,442 shares in the company, valued at approximately $2,005,699.36. The trade was a 56.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors have recently modified their holdings of PRAX. Nisa Investment Advisors LLC grew its position in Praxis Precision Medicines by 88.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after purchasing an additional 295 shares during the period. CWM LLC lifted its stake in shares of Praxis Precision Medicines by 877.9% in the second quarter. CWM LLC now owns 753 shares of the company’s stock valued at $32,000 after buying an additional 676 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after buying an additional 88 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of 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 valued at $77,000 after buying an additional 359 shares during the last quarter. Finally, AlphaQuest LLC raised its holdings in shares of Praxis Precision Medicines by 1,623.3% in the 3rd quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock worth $106,000 after acquiring an additional 1,883 shares during the last quarter. 67.84% of the stock is owned by institutional investors and hedge funds.

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.