Praxis Precision Medicines (NASDAQ:PRAX) Shares Up 13.4% – Still a Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares rose 13.4% during trading on Tuesday . The stock traded as high as $310.00 and last traded at $313.3890. Approximately 90,565 shares changed hands during trading, a decline of 81% from the average daily volume of 483,339 shares. The stock had previously closed at $276.44.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Praxis Precision Medicines in a research note on Monday, December 29th. Citigroup reaffirmed a “conviction-buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, December 30th. BTIG Research reissued a “buy” rating on shares of Praxis Precision Medicines in a research report on Monday, March 9th. Wells Fargo & Company set a $305.00 price target on Praxis Precision Medicines and gave the company an “equal weight” rating in a research note on Friday, February 20th. Finally, Robert W. Baird set a $433.00 target price on shares of Praxis Precision Medicines and gave the company an “outperform” rating in a research note on Friday, February 20th. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $576.12.

Praxis Precision Medicines Stock Performance

The firm has a fifty day simple moving average of $313.66 and a 200-day simple moving average of $228.64. The firm has a market cap of $8.80 billion, a price-to-earnings ratio of -23.53 and a beta of 2.86.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Thursday, February 19th. The company reported ($3.50) earnings per share for the quarter, missing the consensus estimate of ($3.00) by ($0.50). Analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors and hedge funds have recently modified their holdings of PRAX. Seven Fleet Capital Management LP bought a new position in Praxis Precision Medicines during the fourth quarter worth about $796,000. T. Rowe Price Investment Management Inc. acquired a new position in shares of Praxis Precision Medicines during the 4th quarter worth approximately $81,464,000. Invesco Ltd. grew its position in shares of Praxis Precision Medicines by 269.4% during the 4th quarter. Invesco Ltd. now owns 77,088 shares of the company’s stock worth $22,721,000 after purchasing an additional 56,220 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of Praxis Precision Medicines during the fourth quarter worth approximately $357,000. Finally, Mackenzie Financial Corp acquired a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $415,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

About Praxis Precision Medicines

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.