Praxis Precision Medicines (NASDAQ:PRAX) Sees Large Volume Increase - Still a Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) shares saw unusually-strong trading volume on Monday . Approximately 851,431 shares traded hands during trading, an increase of 199% from the previous session's volume of 285,065 shares.The stock last traded at $73.29 and had previously closed at $70.18.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PRAX shares. Oppenheimer lifted their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an "outperform" rating in a report on Thursday, October 31st. Needham & Company LLC reaffirmed a "buy" rating and set a $151.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a report on Thursday. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Praxis Precision Medicines currently has a consensus rating of "Moderate Buy" and an average price target of $146.33.

Praxis Precision Medicines Price Performance

The firm has a market cap of $1.35 billion, a PE ratio of -7.06 and a beta of 2.67. The stock has a 50-day moving average price of $72.65 and a 200 day moving average price of $58.74.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share for the quarter, missing analysts' consensus estimates of ($2.01) by ($0.74). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The firm had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. During the same quarter in the previous year, the business posted ($2.70) EPS. As a group, equities research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Insider Activity at Praxis Precision Medicines

In related news, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total value of $660,767.80. Following the transaction, the general counsel now owns 10,301 shares in the company, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the completion of the transaction, the insider now owns 5,613 shares in the company, valued at $459,031.14. The trade was a 48.03 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PRAX. Franklin Resources Inc. lifted its stake in shares of Praxis Precision Medicines by 85.6% in the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company's stock worth $25,619,000 after acquiring an additional 205,335 shares in the last quarter. Baker BROS. Advisors LP lifted its stake in shares of Praxis Precision Medicines by 145.6% in the third quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company's stock worth $18,591,000 after acquiring an additional 191,572 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Praxis Precision Medicines by 326.9% in the third quarter. Wellington Management Group LLP now owns 219,907 shares of the company's stock worth $12,653,000 after acquiring an additional 168,394 shares in the last quarter. Janus Henderson Group PLC lifted its stake in shares of Praxis Precision Medicines by 37.2% in the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company's stock worth $30,079,000 after acquiring an additional 141,881 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in shares of Praxis Precision Medicines by 105.2% in the second quarter. Marshall Wace LLP now owns 248,381 shares of the company's stock worth $10,273,000 after acquiring an additional 127,357 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company's stock.

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.