Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Up 10.3% – Time to Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares rose 10.3% during trading on Monday . The company traded as high as $85.99 and last traded at $85.89. Approximately 60,481 shares changed hands during trading, a decline of 78% from the average daily volume of 278,781 shares. The stock had previously closed at $77.88.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. HC Wainwright reiterated a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Wedbush raised their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, August 14th. Guggenheim lifted their price objective on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Needham & Company LLC reissued a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Finally, Oppenheimer lifted their price target on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $146.33.

Praxis Precision Medicines Price Performance

The business’s 50-day moving average price is $65.87 and its 200 day moving average price is $54.56.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($2.01) by ($0.74). The firm had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. During the same period in the previous year, the business earned ($2.70) earnings per share. On average, analysts predict that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. raised its holdings in shares of Praxis Precision Medicines by 10.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock valued at $43,498,000 after acquiring an additional 97,561 shares in the last quarter. RA Capital Management L.P. purchased a new stake in Praxis Precision Medicines in the first quarter valued at approximately $50,548,000. Vanguard Group Inc. raised its stake in Praxis Precision Medicines by 100.6% in the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after purchasing an additional 373,131 shares in the last quarter. Price T Rowe Associates Inc. MD bought a new stake in Praxis Precision Medicines during the first quarter valued at approximately $32,707,000. Finally, Kingdon Capital Management L.L.C. grew its stake in Praxis Precision Medicines by 1.0% in the 1st quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock worth $21,357,000 after buying an additional 3,335 shares in the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.