Stock Traders Purchase Large Volume of Put Options on Praxis Precision Medicines (NASDAQ:PRAX)

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

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. raised its holdings in shares of Praxis Precision Medicines by 10.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock worth $43,498,000 after purchasing an additional 97,561 shares during the period. RA Capital Management L.P. bought a new stake in shares of Praxis Precision Medicines in the first quarter valued at $50,548,000. Vanguard Group Inc. lifted its position in shares of Praxis Precision Medicines by 100.6% during the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after buying an additional 373,131 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new position in shares of Praxis Precision Medicines during the 1st quarter worth $32,707,000. Finally, Kingdon Capital Management L.L.C. increased its holdings in Praxis Precision Medicines by 1.0% in the 1st quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock worth $21,357,000 after acquiring an additional 3,335 shares during the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Down 2.7 %

PRAX stock opened at $63.04 on Thursday. The firm has a market cap of $1.12 billion, a PE ratio of -4.09 and a beta of 2.73. The business has a 50 day moving average of $56.40 and a 200-day moving average of $51.27. Praxis Precision Medicines has a 12-month low of $13.01 and a 12-month high of $67.93.

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

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.