Praxis Precision Medicines (NASDAQ:PRAX) Sees Large Volume Increase

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw an uptick in trading volume on Wednesday . 348,641 shares were traded during trading, an increase of 60% from the previous session’s volume of 218,145 shares.The stock last traded at $45.97 and had previously closed at $45.90.

Analysts Set New Price Targets

A number of analysts recently issued reports on PRAX shares. Jefferies Financial Group increased their price target on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a “buy” rating in a report on Tuesday, March 26th. HC Wainwright reissued a “buy” rating and issued a $105.00 price target on shares of Praxis Precision Medicines in a report on Tuesday. Finally, Robert W. Baird started coverage on shares of Praxis Precision Medicines in a report on Wednesday, May 1st. They set an “outperform” rating and a $117.00 price objective on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Praxis Precision Medicines has an average rating of “Moderate Buy” and a consensus price target of $105.80.

Praxis Precision Medicines Stock Performance

The stock’s 50-day simple moving average is $53.35 and its 200 day simple moving average is $37.57. The company has a market capitalization of $752.84 million, a PE ratio of -2.89 and a beta of 2.87.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data 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. Praxis Precision Medicines had a negative net margin of 5,711.85% and a negative return on equity of 143.53%. The business had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.30 million. On average, analysts expect that Praxis Precision Medicines, Inc. will post -8.64 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its stake in Praxis Precision Medicines by 409.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 75,077 shares of the company’s stock valued at $128,000 after purchasing an additional 60,342 shares in the last quarter. CIBC Asset Management Inc increased its holdings in Praxis Precision Medicines by 19.3% during the 3rd quarter. CIBC Asset Management Inc now owns 1,825,910 shares of the company’s stock valued at $3,122,000 after acquiring an additional 295,425 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Praxis Precision Medicines in the third quarter valued at about $56,000. Silverarc Capital Management LLC grew its position in shares of Praxis Precision Medicines by 18.5% in the third quarter. Silverarc Capital Management LLC now owns 4,117,920 shares of the company’s stock valued at $7,042,000 after purchasing an additional 641,758 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Praxis Precision Medicines by 45.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock worth $96,000 after purchasing an additional 17,428 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.