Praxis Precision Medicines (NASDAQ:PRAX) Shares Gap Up to $50.74

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) gapped up before the market opened on Friday . The stock had previously closed at $50.74, but opened at $52.12. Praxis Precision Medicines shares last traded at $51.46, with a volume of 28,341 shares trading hands.

Wall Street Analysts Forecast Growth

PRAX has been the topic of a number of analyst reports. HC Wainwright reiterated a “buy” rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, March 26th. Wedbush boosted their target price on shares of Praxis Precision Medicines from $16.00 to $29.00 and gave the company a “neutral” rating in a research note on Friday, January 12th. Finally, Jefferies Financial Group upped their price objective on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a “buy” rating in a research note on Tuesday, March 26th.

Praxis Precision Medicines Stock Down 0.9 %

The firm has a market capitalization of $665.44 million, a PE ratio of -2.12 and a beta of 2.89. The company’s 50-day simple moving average is $49.37 and its 200 day simple moving average is $31.66.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Tuesday, March 5th. The company reported ($2.97) EPS for the quarter, beating the consensus estimate of ($3.05) by $0.08. Praxis Precision Medicines had a negative net margin of 5,037.88% and a negative return on equity of 151.02%. The business had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.30 million. On average, sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -8.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors have recently bought and sold shares of PRAX. Barclays PLC raised its position in Praxis Precision Medicines by 557.0% during the 4th quarter. Barclays PLC now owns 10,539 shares of the company’s stock worth $25,000 after buying an additional 8,935 shares during the last quarter. Simplex Trading LLC purchased a new position in Praxis Precision Medicines during the 4th quarter worth approximately $31,000. Legal & General Group Plc raised its position in Praxis Precision Medicines by 61.2% during the 2nd quarter. Legal & General Group Plc now owns 12,736 shares of the company’s stock worth $31,000 after buying an additional 4,834 shares during the last quarter. JPMorgan Chase & Co. raised its position in Praxis Precision Medicines by 66.1% during the 1st quarter. JPMorgan Chase & Co. now owns 38,001 shares of the company’s stock worth $31,000 after buying an additional 15,121 shares during the last quarter. Finally, Squarepoint Ops LLC increased its holdings in shares of Praxis Precision Medicines by 81.7% during the 1st quarter. Squarepoint Ops LLC now owns 46,537 shares of the company’s stock valued at $38,000 after purchasing an additional 20,919 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.