Praxis Precision Medicines (NASDAQ:PRAX) Posts Quarterly Earnings Results

Praxis Precision Medicines (NASDAQ:PRAX) announced its quarterly earnings results on Wednesday. The company reported ($3.36) EPS for the quarter, beating the consensus estimate of ($3.45) by $0.09, Zacks reports.

Praxis Precision Medicines Price Performance

NASDAQ PRAX traded up $5.80 on Thursday, reaching $170.44. 200,511 shares of the company’s stock traded hands, compared to its average volume of 555,583. Praxis Precision Medicines has a 12 month low of $26.70 and a 12 month high of $206.71. The stock has a 50-day simple moving average of $88.60 and a 200 day simple moving average of $59.93. The stock has a market cap of $3.61 billion, a PE ratio of -13.92 and a beta of 2.82.

Institutional Trading of Praxis Precision Medicines

A number of institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC lifted its stake in Praxis Precision Medicines by 24.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after acquiring an additional 359 shares during the period. Exome Asset Management LLC purchased a new stake in Praxis Precision Medicines in the second quarter worth $2,481,000. Brevan Howard Capital Management LP purchased a new stake in Praxis Precision Medicines in the second quarter worth $358,000. Adage Capital Partners GP L.L.C. lifted its stake in Praxis Precision Medicines by 13.3% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock worth $83,031,000 after acquiring an additional 231,827 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Praxis Precision Medicines by 103.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,873 shares of the company’s stock worth $1,005,000 after buying an additional 12,165 shares during the period. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on PRAX shares. Jones Trading started coverage on shares of Praxis Precision Medicines in a research note on Thursday, September 18th. They issued a “buy” rating and a $83.00 price target on the stock. Jefferies Financial Group reiterated a “buy” rating and set a $300.00 price objective (up previously from $65.00) on shares of Praxis Precision Medicines in a research note on Thursday, October 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $280.00 price objective (up previously from $65.00) on shares of Praxis Precision Medicines in a research note on Friday, October 17th. Finally, HC Wainwright raised their price objective on shares of Praxis Precision Medicines from $115.00 to $232.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $222.73.

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.