Praxis Precision Medicines (NASDAQ:PRAX) Hits New 1-Year High – Still a Buy?

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) hit a new 52-week high on Wednesday . The stock traded as high as $87.12 and last traded at $86.59, with a volume of 231074 shares traded. The stock had previously closed at $83.49.

Analysts Set New Price Targets

A number of research analysts have commented on PRAX shares. HC Wainwright restated a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Truist Financial raised their price objective on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Finally, Oppenheimer boosted their price target 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. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and a consensus price target of $149.11.

Praxis Precision Medicines Price Performance

The business’s 50-day moving average price is $74.51 and its 200-day moving average price is $66.89. The firm has a market capitalization of $1.64 billion, a PE ratio of -8.57 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate of ($2.01) by ($0.74). The business had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.53 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. During the same quarter last year, the company posted ($2.70) EPS. Equities analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Insider Buying and Selling at Praxis Precision Medicines

In related news, General Counsel Alex Nemiroff sold 8,239 shares of the business’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $80.20, for a total transaction of $660,767.80. Following the sale, the general counsel now owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. The trade was a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total transaction of $424,274.64. Following the sale, the insider now owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. The trade was a 48.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently made changes to their positions in the business. New York State Common Retirement Fund raised its stake in Praxis Precision Medicines by 12.1% in the 4th quarter. New York State Common Retirement Fund now owns 7,847 shares of the company’s stock valued at $604,000 after purchasing an additional 847 shares during the last quarter. CIBC Asset Management Inc boosted its position in Praxis Precision Medicines by 47.3% during the fourth quarter. CIBC Asset Management Inc now owns 366,756 shares of the company’s stock worth $28,226,000 after acquiring an additional 117,817 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Praxis Precision Medicines in the 4th quarter worth approximately $48,000. China Universal Asset Management Co. Ltd. acquired a new position in Praxis Precision Medicines in the 4th quarter valued at $304,000. Finally, Ellsworth Advisors LLC acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth $627,000. 67.84% of the stock is currently 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.