Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Up 11.4% – Should You Buy?

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) traded up 11.4% on Monday . The company traded as high as $189.98 and last traded at $189.0860. 765,943 shares were traded during mid-day trading, an increase of 33% from the average session volume of 575,057 shares. The stock had previously closed at $169.80.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PRAX. Wedbush boosted their price objective on shares of Praxis Precision Medicines from $73.00 to $77.00 and gave the company an “underperform” rating in a research report on Thursday, November 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of Praxis Precision Medicines in a report on Tuesday. Lifesci Capital raised shares of Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, September 3rd. Chardan Capital upgraded shares of Praxis Precision Medicines to a “strong-buy” rating in a research report on Wednesday, November 19th. Finally, Jones Trading assumed coverage on Praxis Precision Medicines in a research note on Thursday, September 18th. They issued a “buy” rating and a $83.00 price objective for the company. Three equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $257.50.

Praxis Precision Medicines Price Performance

The company’s fifty day simple moving average is $126.96 and its 200-day simple moving average is $74.17. The firm has a market capitalization of $4.72 billion, a PE ratio of -14.62 and a beta of 2.82.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.45) by $0.09. As a group, equities research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Lauren Mastrocola sold 13,600 shares of the company’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $192.08, for a total value of $2,612,288.00. Following the completion of the sale, the insider owned 10,442 shares of the company’s stock, valued at approximately $2,005,699.36. This represents a 56.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Alex Nemiroff sold 25,130 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the completion of the transaction, the general counsel owned 20,832 shares of the company’s stock, valued at $4,022,450.88. This trade represents a 54.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently bought and sold shares of PRAX. Nisa Investment Advisors LLC raised its holdings in Praxis Precision Medicines by 88.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after acquiring an additional 295 shares during the last quarter. CWM LLC raised its stake in shares of Praxis Precision Medicines by 877.9% in the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock valued at $32,000 after acquiring an additional 676 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after purchasing an additional 359 shares in the last quarter. AlphaQuest LLC grew its position in Praxis Precision Medicines by 1,623.3% in the third quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock valued at $106,000 after acquiring an additional 1,883 shares in the last quarter. Finally, ProShare Advisors LLC purchased a new stake in shares of Praxis Precision Medicines during the third quarter worth about $203,000. Institutional investors and hedge funds 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.