Investors Buy High Volume of Put Options on Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw some unusual options trading activity on Wednesday. Stock traders purchased 5,007 put options on the company. This is an increase of approximately 718% compared to the average volume of 612 put options.

Analyst Upgrades and Downgrades

Several research firms recently commented on PRAX. Needham & Company LLC reiterated a “buy” rating and issued a $145.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, September 3rd. Piper Sandler restated an “overweight” rating and issued a $270.00 target price on shares of Praxis Precision Medicines in a report on Monday, July 1st. HC Wainwright restated a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, September 10th. Guggenheim increased their price target on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Finally, Wedbush boosted their price objective on Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Praxis Precision Medicines currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.44.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently bought and sold shares of the company. Amalgamated Bank acquired a new stake in shares of Praxis Precision Medicines during the second quarter valued at about $25,000. Quarry LP purchased a new position in shares of Praxis Precision Medicines during the 2nd quarter worth approximately $83,000. SG Americas Securities LLC acquired a new stake in Praxis Precision Medicines in the 1st quarter valued at approximately $150,000. Kingdon Capital Management L.L.C. lifted its stake in Praxis Precision Medicines by 1.0% during the first quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock worth $21,357,000 after purchasing an additional 3,335 shares in the last quarter. Finally, Chase Investment Counsel Corp acquired a new position in Praxis Precision Medicines during the first quarter worth $229,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock opened at $61.97 on Friday. The firm has a market capitalization of $1.06 billion, a PE ratio of -3.91 and a beta of 2.73. Praxis Precision Medicines has a fifty-two week low of $13.01 and a fifty-two week high of $67.93. The stock’s 50-day simple moving average is $56.60 and its 200-day simple moving average is $51.43.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data 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. Praxis Precision Medicines had a negative net margin of 6,987.01% and a negative return on equity of 61.47%. The business had revenue of $0.36 million during the quarter, compared to the consensus estimate of $1.44 million. Sell-side analysts forecast that Praxis Precision Medicines will post -8.5 earnings per share for the current year.

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.