Praxis Precision Medicines (NASDAQ:PRAX) Sets New 12-Month High – Time to Buy?

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) reached a new 52-week high during trading on Thursday . The stock traded as high as $75.87 and last traded at $74.56, with a volume of 210725 shares changing hands. The stock had previously closed at $71.87.

Analysts Set New Price Targets

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

Praxis Precision Medicines Trading Up 4.8 %

The stock has a market capitalization of $1.34 billion, a PE ratio of -7.12 and a beta of 2.67. The business’s 50-day moving average is $63.74 and its two-hundred day moving average is $53.72.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.38) by $0.64. The firm had revenue of $0.36 million during the quarter, compared to analysts’ expectations of $1.44 million. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. On average, analysts predict that Praxis Precision Medicines, Inc. will post -8.5 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Amalgamated Bank bought a new position in shares of Praxis Precision Medicines during the second quarter worth about $25,000. Quarry LP bought a new stake in shares of Praxis Precision Medicines in the 2nd quarter valued at approximately $83,000. US Bancorp DE raised 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 valued at $132,000 after acquiring an additional 605 shares in the last quarter. SG Americas Securities LLC bought a new position in Praxis Precision Medicines during the first quarter worth $150,000. Finally, Mesirow Financial Investment Management Inc. acquired a new position in Praxis Precision Medicines in the third quarter worth $231,000. 67.84% of the stock is currently owned by 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.