Praxis Precision Medicines Sees Unusually Large Options Volume (NASDAQ:PRAX)

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw unusually large options trading on Wednesday. Stock traders bought 5,007 put options on the stock. This is an increase of approximately 718% compared to the average volume of 612 put options.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds have recently made changes to their positions in PRAX. Amalgamated Bank purchased a new position in Praxis Precision Medicines during the second quarter worth about $25,000. Quarry LP acquired a new stake in shares of Praxis Precision Medicines in the second quarter worth approximately $83,000. SG Americas Securities LLC purchased a new stake in Praxis Precision Medicines in the first quarter valued at approximately $150,000. Chase Investment Counsel Corp acquired a new position in Praxis Precision Medicines during the first quarter worth approximately $229,000. Finally, Boulder Hill Capital Management LP purchased a new position in Praxis Precision Medicines during the first quarter worth approximately $256,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on PRAX. Wedbush lifted their target price on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. Piper Sandler reaffirmed an “overweight” rating and set a $270.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, July 1st. HC Wainwright restated a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research note on Tuesday, September 10th. Oppenheimer reiterated an “outperform” rating and issued a $143.00 price objective (up from $134.00) on shares of Praxis Precision Medicines in a research report on Wednesday, September 4th. Finally, Guggenheim lifted their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. One research analyst has rated the stock with a hold rating and eight have issued 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 $143.44.

Praxis Precision Medicines Stock Performance

PRAX stock traded down $0.12 on Wednesday, reaching $64.65. The company had a trading volume of 24,865 shares, compared to its average volume of 276,701. The company has a market cap of $1.15 billion, a P/E ratio of -4.09 and a beta of 2.73. Praxis Precision Medicines has a 1 year low of $13.01 and a 1 year high of $67.93. The company’s fifty day moving average is $56.40 and its 200 day moving average is $51.27.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.38) by $0.64. The company had revenue of $0.36 million for the quarter, compared to analysts’ expectations of $1.44 million. Praxis Precision Medicines had a negative net margin of 6,987.01% and a negative return on equity of 61.47%. On average, sell-side analysts predict that Praxis Precision Medicines will post -8.5 earnings per share for the current year.

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.