Praxis Precision Medicines (NASDAQ:PRAX) Trading Up 7.9% Following Analyst Upgrade

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) were up 7.9% during trading on Tuesday after Wedbush raised their price target on the stock from $33.00 to $73.00. Wedbush currently has an underperform rating on the stock. Praxis Precision Medicines traded as high as $185.00 and last traded at $188.82. Approximately 246,518 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 536,504 shares. The stock had previously closed at $175.07.

Several other research firms also recently commented on PRAX. Needham & Company LLC upped their price target on shares of Praxis Precision Medicines from $80.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. HC Wainwright upped their price target on shares of Praxis Precision Medicines from $115.00 to $232.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Praxis Precision Medicines in a research note on Wednesday, October 8th. Jones Trading initiated coverage on shares of Praxis Precision Medicines in a research note on Thursday, September 18th. They issued a “buy” rating and a $83.00 price objective on the stock. Finally, Lifesci Capital raised shares of Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, Praxis Precision Medicines has an average rating of “Moderate Buy” and an average price target of $222.36.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC grew its stake in shares of Praxis Precision Medicines by 88.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock worth $26,000 after purchasing an additional 295 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Praxis Precision Medicines by 24.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after purchasing an additional 359 shares during the period. State Board of Administration of Florida Retirement System grew its stake in shares of Praxis Precision Medicines by 6.4% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 6,425 shares of the company’s stock worth $270,000 after purchasing an additional 385 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Praxis Precision Medicines by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company’s stock worth $444,000 after purchasing an additional 573 shares during the period. Finally, CWM LLC grew its stake in Praxis Precision Medicines by 877.9% in the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock valued at $32,000 after acquiring an additional 676 shares during the last quarter. 67.84% of the stock is owned by institutional investors and hedge funds.

Praxis Precision Medicines Trading Up 8.5%

The stock has a market capitalization of $4.02 billion, a price-to-earnings ratio of -15.46 and a beta of 2.62. The stock’s 50 day moving average is $58.24 and its 200 day moving average is $47.92.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Monday, August 4th. The company reported ($3.31) EPS for the quarter, beating analysts’ consensus estimates of ($3.40) by $0.09. On average, sell-side analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

About Praxis Precision Medicines

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.