Praxis Precision Medicines (NASDAQ:PRAX) Hits New 1-Year High - What's Next?

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) reached a new 52-week high during trading on Friday . The company traded as high as $90.40 and last traded at $90.68, with a volume of 507223 shares traded. The stock had previously closed at $86.66.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PRAX. Truist Financial boosted their target price on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. HC Wainwright reissued a "buy" rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Needham & Company LLC reissued a "buy" rating and set a $150.00 target price on shares of Praxis Precision Medicines in a research note on Monday, February 10th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a "buy" rating and a $111.00 target price for the company. Finally, Oppenheimer upped their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an "outperform" rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $145.20.

Praxis Precision Medicines Stock Performance

The firm's 50 day moving average price is $76.86 and its two-hundred day moving average price is $68.78. The firm has a market cap of $1.54 billion, a PE ratio of -8.06 and a beta of 2.65.

Hedge Funds Weigh In On Praxis Precision Medicines

Several large investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its holdings in shares of Praxis Precision Medicines by 7.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,208,522 shares of the company's stock worth $93,008,000 after acquiring an additional 88,442 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Praxis Precision Medicines by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company's stock worth $81,858,000 after acquiring an additional 24,645 shares during the last quarter. VR Adviser LLC lifted its holdings in shares of Praxis Precision Medicines by 40.2% in the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company's stock worth $76,189,000 after acquiring an additional 283,854 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Praxis Precision Medicines by 77.5% in the 4th quarter. Janus Henderson Group PLC now owns 929,523 shares of the company's stock worth $71,621,000 after acquiring an additional 405,957 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Praxis Precision Medicines by 5,437.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company's stock worth $43,027,000 after acquiring an additional 548,986 shares during the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

About Praxis Precision Medicines

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.