Praxis Precision Medicines (NASDAQ:PRAX) Hits New 12-Month High – What’s Next?

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) reached a new 52-week high during trading on Friday . The company traded as high as $326.91 and last traded at $317.7920, with a volume of 278677 shares trading hands. The stock had previously closed at $297.74.

Analysts Set New Price Targets

A number of analysts have weighed in on PRAX shares. Oppenheimer reaffirmed an “outperform” rating and set a $750.00 target price (up previously from $250.00) on shares of Praxis Precision Medicines in a research note on Monday, December 15th. TD Cowen boosted their price target on shares of Praxis Precision Medicines from $251.00 to $353.00 and gave the stock a “buy” rating in a research report on Monday, December 8th. UBS Group set a $750.00 target price on Praxis Precision Medicines in a research note on Monday, December 15th. Deutsche Bank Aktiengesellschaft set a $313.00 price objective on shares of Praxis Precision Medicines in a report on Friday, December 12th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $460.00 price target on shares of Praxis Precision Medicines in a research report on Monday, January 5th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and a consensus target price of $436.67.

Praxis Precision Medicines Stock Performance

The company’s 50-day moving average price is $240.58 and its two-hundred day moving average price is $130.44. The stock has a market cap of $7.85 billion, a PE ratio of -24.28 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Wednesday, November 5th. The company reported ($3.36) EPS for the quarter, beating the consensus estimate of ($3.45) by $0.09. Equities research analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 13,600 shares of the firm’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $192.08, for a total value of $2,612,288.00. Following the transaction, the insider directly owned 10,442 shares of the company’s stock, valued at approximately $2,005,699.36. This trade represents a 56.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Alex Nemiroff sold 25,130 shares of Praxis Precision Medicines stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the transaction, the general counsel owned 20,832 shares in the company, valued at $4,022,450.88. This represents a 54.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

Large investors have recently made changes to their positions in the company. Congress Asset Management Co. purchased a new stake in Praxis Precision Medicines in the third quarter valued at approximately $1,613,000. Vivo Capital LLC acquired a new position in shares of Praxis Precision Medicines during the 2nd quarter worth $7,048,000. Aberdeen Group plc boosted its stake in shares of Praxis Precision Medicines by 143.5% during the 2nd 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 in the last quarter. Kennedy Capital Management LLC raised its stake in shares of Praxis Precision Medicines by 7.9% during the 2nd quarter. Kennedy Capital Management LLC now owns 70,445 shares of the company’s stock worth $2,962,000 after buying an additional 5,180 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Praxis Precision Medicines by 13.7% during the 2nd quarter. Swiss National Bank now owns 30,800 shares of the company’s stock worth $1,295,000 after purchasing an additional 3,700 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.