Praxis Precision Medicines (NASDAQ:PRAX) Trading 6.2% Higher

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) traded up 6.2% on Tuesday . The company traded as high as $19.85 and last traded at $19.72. 303 shares changed hands during trading, a decline of 100% from the average session volume of 288,200 shares. The stock had previously closed at $18.57.

A number of equities analysts have weighed in on the company. Bank of America assumed coverage on Praxis Precision Medicines in a research note on Thursday, August 26th. They set a “buy” rating and a $28.00 price objective for the company. Zacks Investment Research lowered Praxis Precision Medicines from a “hold” rating to a “sell” rating in a research note on Saturday, July 24th. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $52.25.

The company has a 50 day moving average of $17.78 and a two-hundred day moving average of $23.10. The stock has a market cap of $893.37 million and a PE ratio of -1.37.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Monday, August 16th. The company reported ($0.88) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.68) by ($0.20). On average, analysts predict that Praxis Precision Medicines, Inc. will post -3.56 EPS for the current fiscal year.

In other Praxis Precision Medicines news, major shareholder Parallel Master Fund L.P. Bsof sold 15,854 shares of the business’s stock in a transaction that occurred on Friday, July 30th. The stock was sold at an average price of $15.68, for a total transaction of $248,590.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marcio Souza acquired 9,542 shares of the business’s stock in a transaction on Wednesday, August 18th. The shares were purchased at an average price of $15.79 per share, with a total value of $150,668.18. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 411,250 shares of company stock valued at $7,622,955. 8.80% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of the company. FMR LLC boosted its holdings in shares of Praxis Precision Medicines by 9.6% during the 2nd quarter. FMR LLC now owns 4,702,929 shares of the company’s stock worth $85,970,000 after purchasing an additional 413,704 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Praxis Precision Medicines by 150.9% during the 2nd quarter. Vanguard Group Inc. now owns 2,547,753 shares of the company’s stock worth $46,572,000 after purchasing an additional 1,532,184 shares during the last quarter. Citadel Advisors LLC boosted its holdings in shares of Praxis Precision Medicines by 16.0% during the 2nd quarter. Citadel Advisors LLC now owns 1,858,913 shares of the company’s stock worth $33,981,000 after purchasing an additional 256,033 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Praxis Precision Medicines by 25.3% during the 2nd quarter. BlackRock Inc. now owns 1,513,973 shares of the company’s stock worth $27,677,000 after purchasing an additional 305,922 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of Praxis Precision Medicines by 59.2% during the 2nd quarter. Alliancebernstein L.P. now owns 1,419,368 shares of the company’s stock worth $25,946,000 after purchasing an additional 527,815 shares during the last quarter. Institutional investors and hedge funds own 92.10% of the company’s stock.

About Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, develops therapies for central nervous system disorders characterized by neuronal imbalance. Its lead product candidates include PRAX-114, an extrasynaptic-preferring GABAA receptor positive allosteric modulator that is in Phase IIa clinical trial for the treatment of major depressive disorder and perimenopausal depression; and PRAX-944, a selective small molecule inhibitor of T-type calcium channels, which is in Phase IIa clinical trial for the treatment of essential tremor.

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