Praxis Precision Medicines (NASDAQ:PRAX) Reaches New 52-Week High – Here’s Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price reached a new 52-week high on Friday . The stock traded as high as $249.97 and last traded at $255.4490, with a volume of 59852 shares changing hands. The stock had previously closed at $189.97.

Analyst Ratings Changes

A number of research analysts have weighed in on PRAX shares. Chardan Capital upgraded Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, November 19th. Needham & Company LLC set a $304.00 price target on Praxis Precision Medicines in a research note on Friday. BTIG Research reiterated a “buy” rating and issued a $499.00 price objective on shares of Praxis Precision Medicines in a report on Friday. Lifesci Capital upgraded shares of Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, September 3rd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Praxis Precision Medicines in a research report on Monday, December 1st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $290.77.

Praxis Precision Medicines Price Performance

The business has a 50 day moving average price of $150.61 and a 200 day moving average price of $82.72. The stock has a market capitalization of $6.20 billion, a PE ratio of -19.22 and a beta of 2.95.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.45) by $0.09. On average, equities analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Insider Activity at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 25,130 shares of the stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the sale, the general counsel owned 20,832 shares in the company, valued at $4,022,450.88. This represents a 54.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Lauren Mastrocola sold 13,600 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $192.08, for a total transaction of $2,612,288.00. Following the sale, the insider directly owned 10,442 shares of the company’s stock, valued at $2,005,699.36. This trade represents a 56.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Praxis Precision Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Woodline Partners LP raised its stake in Praxis Precision Medicines by 1,666.5% during the 1st quarter. Woodline Partners LP now owns 175,727 shares of the company’s stock valued at $6,655,000 after buying an additional 165,779 shares during the last quarter. Aberdeen Group plc grew its holdings in shares of Praxis Precision Medicines by 143.5% in the second quarter. Aberdeen Group plc now owns 214,056 shares of the company’s stock worth $9,001,000 after acquiring an additional 126,153 shares during the period. Geode Capital Management LLC grew its holdings in shares of Praxis Precision Medicines by 8.1% in the second quarter. Geode Capital Management LLC now owns 451,731 shares of the company’s stock worth $18,997,000 after acquiring an additional 33,715 shares during the period. Assenagon Asset Management S.A. increased its position in Praxis Precision Medicines by 19.1% during the second quarter. Assenagon Asset Management S.A. now owns 604,298 shares of the company’s stock valued at $25,411,000 after acquiring an additional 96,898 shares during the last quarter. Finally, Cormorant Asset Management LP lifted its holdings in Praxis Precision Medicines by 3.1% in the first quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company’s stock valued at $66,083,000 after acquiring an additional 51,781 shares during the period. Hedge funds and other institutional investors 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.