Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 2.5%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price fell 2.5% during trading on Tuesday . The stock traded as low as $56.34 and last traded at $56.84. 47,138 shares traded hands during trading, a decline of 83% from the average session volume of 276,328 shares. The stock had previously closed at $58.29.

Analysts Set New Price Targets

A number of analysts recently weighed in on PRAX shares. Guggenheim increased their price objective 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. HC Wainwright restated a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, September 10th. Piper Sandler reiterated an “overweight” rating and issued a $270.00 target price on shares of Praxis Precision Medicines in a research note on Monday, July 1st. Needham & Company LLC reissued a “buy” rating and set a $145.00 target price on shares of Praxis Precision Medicines in a research note on Tuesday, September 3rd. Finally, Wedbush raised their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $143.44.

Praxis Precision Medicines Trading Down 1.0 %

The firm has a market cap of $1.03 billion, a PE ratio of -3.68 and a beta of 2.72. The business’s 50-day simple moving average is $54.37 and its 200 day simple moving average is $50.60.

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

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors have recently added to or reduced their stakes in PRAX. Amalgamated Bank purchased a new stake in shares of Praxis Precision Medicines during the second quarter valued at about $25,000. Quarry LP purchased a new stake in Praxis Precision Medicines during the second quarter valued at approximately $83,000. SG Americas Securities LLC acquired a new stake in Praxis Precision Medicines in the first quarter valued at approximately $150,000. DLD Asset Management LP purchased a new position in Praxis Precision Medicines in the fourth quarter worth $223,000. Finally, Chase Investment Counsel Corp purchased a new stake in shares of Praxis Precision Medicines during the 1st quarter valued at $229,000. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

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.