Praxis Precision Medicines (NASDAQ:PRAX) Shares Gap Up to $41.70

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price gapped up prior to trading on Monday . The stock had previously closed at $41.70, but opened at $43.19. Praxis Precision Medicines shares last traded at $40.68, with a volume of 20,428 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PRAX shares. Jefferies Financial Group boosted their target price on Praxis Precision Medicines from $75.00 to $128.00 and gave the company a “buy” rating in a report on Tuesday, March 26th. Robert W. Baird started coverage on Praxis Precision Medicines in a report on Wednesday, May 1st. They issued an “outperform” rating and a $117.00 target price for the company. HC Wainwright reissued a “buy” rating and issued a $105.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, May 14th. Needham & Company LLC started coverage on Praxis Precision Medicines in a report on Monday. They issued a “buy” rating and a $145.00 target price for the company. Finally, Guggenheim began coverage on Praxis Precision Medicines in a report on Tuesday, June 18th. They issued a “buy” rating and a $155.00 target price for the company. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $118.43.

Praxis Precision Medicines Stock Performance

The company has a 50-day simple moving average of $46.49 and a 200-day simple moving average of $42.84. The company has a market cap of $690.90 million, a price-to-earnings ratio of -2.63 and a beta of 2.78.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Monday, May 13th. The company reported ($2.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.01) by ($0.83). Praxis Precision Medicines had a negative return on equity of 101.99% and a negative net margin of 5,711.85%. The business had revenue of $0.43 million for the quarter, compared to analyst estimates of $2.75 million. As a group, equities research analysts forecast that Praxis Precision Medicines, Inc. will post -10.13 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRAX. Simplex Trading LLC acquired a new position in Praxis Precision Medicines during the 4th quarter worth approximately $31,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Praxis Precision Medicines by 45.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock worth $96,000 after acquiring an additional 17,428 shares during the period. Citigroup Inc. grew its holdings in shares of Praxis Precision Medicines by 44,585.5% in the 3rd quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock worth $142,000 after acquiring an additional 82,929 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Praxis Precision Medicines in the 1st quarter worth approximately $150,000. Finally, DLD Asset Management LP acquired a new stake in shares of Praxis Precision Medicines in the 4th quarter worth approximately $223,000. 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.