Praxis Precision Medicines (NASDAQ:PRAX) Reaches New 52-Week High Following Analyst Upgrade

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price reached a new 52-week high on Tuesday after Jefferies Financial Group raised their price target on the stock from $75.00 to $128.00. Jefferies Financial Group currently has a buy rating on the stock. Praxis Precision Medicines traded as high as $66.57 and last traded at $65.29, with a volume of 142589 shares trading hands. The stock had previously closed at $50.50.

PRAX has been the topic of several other reports. Wedbush increased their price objective on shares of Praxis Precision Medicines from $16.00 to $29.00 and gave the stock a “neutral” rating in a research note on Friday, January 12th. Truist Financial reaffirmed a “buy” rating and set a $150.00 target price on shares of Praxis Precision Medicines in a report on Monday, December 4th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRAX. Barclays PLC lifted its stake in Praxis Precision Medicines by 557.0% in the 4th quarter. Barclays PLC now owns 10,539 shares of the company’s stock valued at $25,000 after buying an additional 8,935 shares in the last quarter. Simplex Trading LLC acquired a new position in Praxis Precision Medicines in the 4th quarter valued at $31,000. Legal & General Group Plc grew its holdings in shares of Praxis Precision Medicines by 61.2% during the second quarter. Legal & General Group Plc now owns 12,736 shares of the company’s stock worth $31,000 after buying an additional 4,834 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Praxis Precision Medicines by 66.1% in the first quarter. JPMorgan Chase & Co. now owns 38,001 shares of the company’s stock worth $31,000 after buying an additional 15,121 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in Praxis Precision Medicines by 66.6% during the second quarter. Principal Financial Group Inc. now owns 31,771 shares of the company’s stock worth $37,000 after acquiring an additional 12,700 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Performance

The firm’s 50 day moving average is $46.87 and its 200-day moving average is $29.94.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Tuesday, March 5th. The company reported ($2.97) EPS for the quarter, topping analysts’ consensus estimates of ($3.05) by $0.08. The firm had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.30 million. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%. As a group, equities analysts expect that Praxis Precision Medicines, Inc. will post -8.78 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.