Praxis Precision Medicines (NASDAQ:PRAX) Sets New 12-Month High on Analyst Upgrade

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) hit a new 52-week high on Tuesday after Jefferies Financial Group raised their price target on the stock from $75.00 to $128.00. Jefferies Financial Group currently has a buy rating on the stock. Praxis Precision Medicines traded as high as $66.57 and last traded at $65.29, with a volume of 142589 shares trading hands. The stock had previously closed at $50.50.

PRAX has been the subject of a number of other reports. Wedbush lifted their target price on Praxis Precision Medicines from $16.00 to $29.00 and gave the stock a “neutral” rating in a report on Friday, January 12th. Truist Financial reissued a “buy” rating and set a $150.00 target price on shares of Praxis Precision Medicines in a research note on Monday, December 4th. Finally, HC Wainwright reiterated a “buy” rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently bought and sold shares of PRAX. Swiss National Bank raised its holdings in shares of Praxis Precision Medicines by 7.9% in the first quarter. Swiss National Bank now owns 53,100 shares of the company’s stock valued at $542,000 after purchasing an additional 3,900 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Praxis Precision Medicines by 17.5% during the 1st quarter. JPMorgan Chase & Co. now owns 33,795 shares of the company’s stock worth $345,000 after buying an additional 5,022 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Praxis Precision Medicines by 1.8% in the first quarter. Bank of New York Mellon Corp now owns 109,522 shares of the company’s stock valued at $1,118,000 after acquiring an additional 1,940 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in Praxis Precision Medicines by 48.4% during the first quarter. MetLife Investment Management LLC now owns 19,433 shares of the company’s stock worth $198,000 after acquiring an additional 6,340 shares during the period. Finally, Rhumbline Advisers grew its stake in Praxis Precision Medicines by 9.1% in the 1st quarter. Rhumbline Advisers now owns 41,376 shares of the company’s stock valued at $422,000 after purchasing an additional 3,467 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Price Performance

The firm’s 50-day simple moving average is $46.87 and its 200 day simple moving average is $29.94.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share for the quarter, topping the consensus estimate of ($3.05) by $0.08. The firm had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.30 million. Praxis Precision Medicines had a negative net margin of 5,037.88% and a negative return on equity of 151.02%. On average, equities analysts forecast that Praxis Precision Medicines, Inc. will post -8.78 EPS 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.