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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price gapped up before the market opened 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 traded.

Analyst Ratings Changes

Several analysts have recently weighed in on PRAX shares. Truist Financial reissued a “buy” rating and set a $150.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, May 16th. Robert W. Baird started coverage on Praxis Precision Medicines in a report on Wednesday, May 1st. They set an “outperform” rating and a $117.00 price objective on the stock. Jefferies Financial Group lifted their price objective on Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a “buy” rating in a report on Tuesday, March 26th. Guggenheim started coverage on Praxis Precision Medicines in a report on Tuesday, June 18th. They set a “buy” rating and a $155.00 price objective on the stock. Finally, Needham & Company LLC began coverage on Praxis Precision Medicines in a report on Monday. They set a “buy” rating and a $145.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $118.43.

Praxis Precision Medicines Trading Down 6.3 %

The company has a 50-day moving average of $45.95 and a 200 day moving average of $43.14.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Monday, May 13th. The company reported ($2.84) earnings per share (EPS) 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 business had revenue of $0.43 million during the quarter, compared to the consensus estimate of $2.75 million. On average, analysts forecast that Praxis Precision Medicines, Inc. will post -10.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors have recently bought and sold shares of the business. Citigroup Inc. raised its position in Praxis Precision Medicines by 44,585.5% in the 3rd quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock valued at $142,000 after purchasing an additional 82,929 shares during the last quarter. Acuta Capital Partners LLC raised its position in Praxis Precision Medicines by 5.5% in the 3rd quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock valued at $7,669,000 after purchasing an additional 235,000 shares during the last quarter. Wildcat Capital Management LLC bought a new stake in shares of Praxis Precision Medicines during the fourth quarter worth $373,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Praxis Precision Medicines by 45.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock worth $96,000 after acquiring an additional 17,428 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its position in shares of Praxis Precision Medicines by 10.7% during the third quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock worth $15,014,000 after acquiring an additional 849,362 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

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.