Praxis Precision Medicines (NASDAQ:PRAX) Shares Up 4.9% - Here's Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) was up 4.9% on Wednesday . The company traded as high as $84.01 and last traded at $82.50. Approximately 22,948 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 366,686 shares. The stock had previously closed at $78.65.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on PRAX shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a "buy" rating and a $111.00 target price for the company. Oppenheimer upped their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an "outperform" rating in a research note on Thursday, October 31st. HC Wainwright restated a "buy" rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Truist Financial increased their price objective 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. Finally, Needham & Company LLC restated a "buy" rating and set a $150.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, February 10th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $145.20.

Praxis Precision Medicines Stock Performance

The stock's fifty day moving average price is $77.41 and its 200-day moving average price is $69.24. The company has a market capitalization of $1.39 billion, a P/E ratio of -7.23 and a beta of 2.65.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently modified their holdings of the company. GF Fund Management CO. LTD. acquired a new position in shares of Praxis Precision Medicines during the 4th quarter worth approximately $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Praxis Precision Medicines during the 4th quarter worth approximately $48,000. US Bancorp DE grew its position in shares of Praxis Precision Medicines by 35.9% during the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company's stock worth $132,000 after purchasing an additional 605 shares in the last quarter. Graham Capital Management L.P. acquired a new position in shares of Praxis Precision Medicines during the 4th quarter worth approximately $209,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Praxis Precision Medicines during the 4th quarter worth approximately $215,000. 67.84% of the stock is owned by institutional investors.

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.