Praxis Precision Medicines (NASDAQ:PRAX) Sees Large Volume Increase – Time to Buy?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw an uptick in trading volume on Monday . 851,431 shares changed hands during trading, an increase of 199% from the previous session’s volume of 285,065 shares.The stock last traded at $73.29 and had previously closed at $70.18.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Oppenheimer boosted their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Needham & Company LLC reissued a “buy” rating and issued a $151.00 target price on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Finally, HC Wainwright restated a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, December 12th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and an average price target of $146.33.

Praxis Precision Medicines Stock Up 0.9 %

The firm has a market capitalization of $1.36 billion, a P/E ratio of -7.09 and a beta of 2.67. The stock has a fifty day simple moving average of $73.02 and a 200 day simple moving average of $59.11.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.74). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The firm had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. During the same period in the previous year, the firm earned ($2.70) EPS. Research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of the firm’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total value of $660,767.80. Following the completion of the transaction, the general counsel now owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $81.78, for a total value of $424,274.64. Following the sale, the insider now directly owns 5,613 shares of the company’s stock, valued at $459,031.14. This trade represents a 48.03 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. raised its position in Praxis Precision Medicines by 85.6% during the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after acquiring an additional 205,335 shares in the last quarter. Baker BROS. Advisors LP grew its position in Praxis Precision Medicines by 145.6% during the third quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company’s stock valued at $18,591,000 after buying an additional 191,572 shares during the period. Wellington Management Group LLP increased its holdings in Praxis Precision Medicines by 326.9% in the third quarter. Wellington Management Group LLP now owns 219,907 shares of the company’s stock valued at $12,653,000 after buying an additional 168,394 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Praxis Precision Medicines by 37.2% in the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock valued at $30,079,000 after buying an additional 141,881 shares in the last quarter. Finally, Marshall Wace LLP raised its position in shares of Praxis Precision Medicines by 105.2% in the second quarter. Marshall Wace LLP now owns 248,381 shares of the company’s stock worth $10,273,000 after acquiring an additional 127,357 shares during the period. 67.84% of the stock is 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.