Praxis Precision Medicines (NASDAQ:PRAX) Trading Up 8.5% Following Analyst Upgrade

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) rose 8.5% during trading on Tuesday after Truist Financial raised their price target on the stock from $150.00 to $175.00. Truist Financial currently has a buy rating on the stock. Praxis Precision Medicines traded as high as $75.78 and last traded at $76.55. Approximately 138,398 shares changed hands during trading, a decline of 54% from the average daily volume of 301,827 shares. The stock had previously closed at $70.54.

PRAX has been the subject of a number of other reports. HC Wainwright reiterated a "buy" rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. 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 report on Thursday, October 31st. Finally, Needham & Company LLC reissued a "buy" rating and set a $151.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $149.11.

Insider Buying and Selling at Praxis Precision Medicines

In related news, General Counsel Alex Nemiroff sold 8,239 shares of the firm's stock in a transaction dated Thursday, November 14th. The shares were 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 of the company's stock, valued at $826,140.20. This trade represents a 44.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Lauren Mastrocola sold 5,188 shares of the business's stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $81.78, for a total transaction of $424,274.64. Following the completion of the sale, the insider now directly owns 5,613 shares of the company's stock, valued at approximately $459,031.14. This trade represents a 48.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.70% of the company's stock.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors have recently modified their holdings of PRAX. Amalgamated Bank purchased a new stake in Praxis Precision Medicines in the second quarter worth about $25,000. Quarry LP purchased a new stake in shares of Praxis Precision Medicines in the 2nd quarter worth approximately $83,000. US Bancorp DE boosted its stake in shares of Praxis Precision Medicines by 35.9% during the third quarter. US Bancorp DE now owns 2,289 shares of the company's stock valued at $132,000 after purchasing an additional 605 shares in the last quarter. Intech Investment Management LLC purchased a new position in Praxis Precision Medicines during the third quarter valued at approximately $217,000. Finally, Mesirow Financial Investment Management Inc. bought a new position in Praxis Precision Medicines in the third quarter worth approximately $231,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Price Performance

The company has a market cap of $1.46 billion, a PE ratio of -7.60 and a beta of 2.66. The business has a fifty day simple moving average of $74.15 and a two-hundred day simple moving average of $64.73.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $0.30 million for the quarter, compared to analysts' expectations of $0.53 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. During the same quarter last year, the company earned ($2.70) earnings per share. On average, equities research analysts predict that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current year.

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.