Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 8.6% – Here’s What Happened

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) dropped 8.6% on Tuesday . The stock traded as low as $86.91 and last traded at $82.96. Approximately 114,411 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 361,814 shares. The stock had previously closed at $90.77.

Analysts Set New Price Targets

PRAX has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price target on the stock. HC Wainwright reiterated a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Truist Financial boosted their price objective on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Oppenheimer increased their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $150.00 target price on shares of Praxis Precision Medicines in a research report on Monday, February 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.20.

Praxis Precision Medicines Price Performance

The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of -7.72 and a beta of 2.65. The firm’s fifty day moving average is $77.15 and its 200-day moving average is $69.02.

Institutional Trading of Praxis Precision Medicines

Institutional investors and hedge funds have recently bought and sold shares of the company. CIBC Asset Management Inc raised its holdings in shares of Praxis Precision Medicines by 29.2% during the third quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock worth $14,324,000 after purchasing an additional 56,272 shares during the period. Barclays PLC lifted its holdings in shares of Praxis Precision Medicines by 126.8% in the 3rd quarter. Barclays PLC now owns 37,130 shares of the company’s stock worth $2,136,000 after purchasing an additional 20,759 shares during the last quarter. Franklin Resources Inc. grew its stake in Praxis Precision Medicines by 85.6% during the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock worth $25,619,000 after buying an additional 205,335 shares during the last quarter. BNP Paribas Financial Markets increased its position in Praxis Precision Medicines by 369.4% in the third quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company’s stock worth $548,000 after buying an additional 7,496 shares during the period. Finally, China Universal Asset Management Co. Ltd. bought a new stake in Praxis Precision Medicines in the fourth quarter valued at $304,000. Institutional investors and hedge funds 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.