Praxis Precision Medicines (NASDAQ:PRAX) Shares Gap Up to $41.70

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) gapped up prior to trading on Monday . The stock had previously closed at $41.70, but opened at $43.19. Praxis Precision Medicines shares last traded at $40.68, with a volume of 20,428 shares changing hands.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PRAX shares. Guggenheim started coverage on shares of Praxis Precision Medicines in a report on Tuesday, June 18th. They issued a “buy” rating and a $155.00 target price for the company. Needham & Company LLC started coverage on shares of Praxis Precision Medicines in a report on Monday. They issued a “buy” rating and a $145.00 target price for the company. Truist Financial reissued a “buy” rating and issued a $150.00 target price on shares of Praxis Precision Medicines in a report on Thursday, May 16th. HC Wainwright reissued a “buy” rating and issued a $105.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, May 14th. Finally, Jefferies Financial Group raised their target price on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the company a “buy” rating in a report on Tuesday, March 26th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and a consensus price target of $118.43.

Praxis Precision Medicines Price Performance

The company has a market capitalization of $690.90 million, a P/E ratio of -2.63 and a beta of 2.78. The business has a 50-day moving average of $46.49 and a 200-day moving average of $42.84.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Simplex Trading LLC bought a new position in shares of Praxis Precision Medicines in the 4th quarter worth $31,000. Connor Clark & Lunn Investment Management Ltd. lifted 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 during the last quarter. Citigroup Inc. lifted its stake in shares of Praxis Precision Medicines by 44,585.5% during the 3rd quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock worth $142,000 after purchasing an additional 82,929 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Praxis Precision Medicines during the 1st quarter worth $150,000. Finally, DLD Asset Management LP purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter worth $223,000. 67.84% of the stock is currently owned by institutional investors.

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.