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

Praxis Precision Medicines, Inc. (NASDAQ:PRAXGet Free Report) 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.

Get Our Latest Stock Analysis on PRAX

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:PRAXGet Free Report) 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

(Get Free Report)

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.

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