Praxis Precision Medicines (NASDAQ:PRAX) Shares Gap Up to $50.74

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $50.74, but opened at $52.12. Praxis Precision Medicines shares last traded at $51.46, with a volume of 28,341 shares.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group increased their price objective on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a “buy” rating in a research note on Tuesday, March 26th. 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. Finally, HC Wainwright reiterated a “buy” rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, March 26th.

Praxis Precision Medicines Trading Down 0.9 %

The company has a market cap of $665.44 million, a P/E ratio of -2.12 and a beta of 2.89. The business’s 50 day simple moving average is $49.37 and its 200 day simple moving average is $31.66.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Tuesday, March 5th. The company reported ($2.97) EPS for the quarter, topping analysts’ consensus estimates of ($3.05) by $0.08. Praxis Precision Medicines had a negative net margin of 5,037.88% and a negative return on equity of 151.02%. The company had revenue of $0.52 million for the quarter, compared to analysts’ expectations of $0.30 million. Sell-side analysts anticipate that Praxis Precision Medicines, Inc. will post -8.85 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Citigroup Inc. raised its stake in 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 acquiring an additional 82,929 shares during the period. Acuta Capital Partners LLC grew its holdings in Praxis Precision Medicines by 5.5% during the 3rd quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock valued at $7,669,000 after buying an additional 235,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in 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 valued at $96,000 after buying an additional 17,428 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in Praxis Precision Medicines by 10.7% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock valued at $15,014,000 after buying an additional 849,362 shares in the last quarter. Finally, DLD Asset Management LP purchased a new stake in Praxis Precision Medicines during the 4th quarter valued at approximately $223,000. Institutional investors own 67.84% of the company’s stock.

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.