Praxis Precision Medicines, Inc. Stock Forecast
Praxis Precision Medicines, Inc. stock upgraded to Hold/Accumulate.
(Updated on May 08, 2024)
The Praxis Precision Medicines, Inc. stock price fell by -3.15% on the last day (Wednesday, 8th May 2024) from $52.40 to $50.75. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 5.45% from a day low at $50.10 to a day high of $52.83. The price has been going up and down for this period, and there has been a -0.76% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -24 thousand shares and in total, 133 thousand shares were bought and sold for approximately $6.76 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $47.91 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 15.11% during the next 3 months and, with a 90% probability hold a price between $55.15 and $76.51 at the end of this 3-month period.
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PRAX Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Praxis Precision Medicines, Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $53.58 and $53.33. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, March 26, 2024, and so far it has fallen -18.38%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Praxis Precision Medicines, Inc. stock
Praxis Precision Medicines, Inc. finds support from accumulated volume at $48.84 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.73 between high and low, or 5.45%. For the last week, the stock has had daily average volatility of 4.68%.
Our recommended stop-loss: $47.83 (-5.76%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 30 days ago.)
Trading Expectations (PRAX) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Praxis Precision Medicines, Inc. to open at $51.23, and during the day (based on 14 day Average True Range), to move between $47.16 and $54.34, which gives a possible trading interval of +/-$3.59 (+/-7.07%) up or down from last closing price. If Praxis Precision Medicines, Inc. takes out the full calculated possible swing range there will be an estimated 14.15% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $48.84 (3.76%) than the resistance at $58.60 (15.47%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Praxis Precision Medicines, Inc. will release earnings BMO on Thursday, May 09, 2024.The consensus among the analysts for the expected earnings (EPS) is -$2.01. We will update the financials statements for Praxis Precision Medicines, Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 11.93% in the first trading day after earnings release.
Is Praxis Precision Medicines, Inc. stock A Buy?
Praxis Precision Medicines, Inc. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.233 Hold/Accumulate Upgraded
Predicted Opening Price for Praxis Precision Medicines, Inc. of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $51.23 ( 0.94%) | $50.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PRAX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 53.96 | 6.32 % | |
| R2 | 52.91 | 4.26 % | ||
| R1 | 52.27 | 2.99 % | ||
| Current price: | 50.75 | |||
| Support | S1 | 50.18 | -1.12 % | |
| S2 | 49.54 | -2.39 % | ||
| S3 | 48.50 | -4.44 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 62.18 | 22.52 % | |
| R2 | 61.02 | 20.24 % | ||
| R1 | 58.60 | 15.47 % | ||
| Current price | 50.75 | |||
| Support | S1 | 48.84 | -3.76% | |
| S2 | 47.78 | -5.85% | ||
| S3 | 46.89 | -7.61% |
FAQ
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