Praxis Precision Medicines (NASDAQ:PRAX) Shares Gap Up to $36.55

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $36.55, but opened at $38.76. Praxis Precision Medicines shares last traded at $38.26, with a volume of 15,963 shares traded.

Analyst Ratings Changes

Several brokerages recently issued reports on PRAX. Guggenheim started coverage on shares of Praxis Precision Medicines in a research note on Tuesday. They set a “buy” rating and a $155.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $105.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, May 14th. Robert W. Baird initiated coverage on Praxis Precision Medicines in a research note on Wednesday, May 1st. They set an “outperform” rating and a $117.00 price objective on the stock. Jefferies Financial Group upped their target price on Praxis Precision Medicines from $75.00 to $128.00 and gave the company a “buy” rating in a report on Tuesday, March 26th. Finally, Truist Financial reiterated a “buy” rating and set a $150.00 price target on shares of Praxis Precision Medicines in a report on Thursday, May 16th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $114.00.

Praxis Precision Medicines Stock Performance

The firm has a 50 day simple moving average of $47.29 and a 200-day simple moving average of $42.36.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Monday, May 13th. The company reported ($2.84) earnings per share for the quarter, missing the consensus estimate of ($2.01) by ($0.83). Praxis Precision Medicines had a negative net margin of 5,711.85% and a negative return on equity of 101.99%. The firm had revenue of $0.43 million during the quarter, compared to analyst estimates of $2.75 million. Equities analysts expect that Praxis Precision Medicines, Inc. will post -10.13 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently modified their holdings of the company. Adage Capital Partners GP L.L.C. increased its holdings in Praxis Precision Medicines by 10.7% in the third quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock valued at $15,014,000 after buying an additional 849,362 shares during the last quarter. RA Capital Management L.P. acquired a new position in shares of Praxis Precision Medicines during the 1st quarter worth about $50,548,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Praxis Precision Medicines during the 1st quarter worth about $32,707,000. Vanguard Group Inc. increased its holdings in shares of Praxis Precision Medicines by 100.6% in the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after acquiring an additional 373,131 shares during the last quarter. Finally, Janus Henderson Group PLC acquired a new stake in shares of Praxis Precision Medicines during the 1st quarter worth about $18,878,000. 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.