Praxis Precision Medicines (NASDAQ:PRAX) Shares Gap Down on Disappointing Earnings

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $65.03, but opened at $39.73. Praxis Precision Medicines shares last traded at $39.56, with a volume of 730,724 shares changing hands.

The company reported ($2.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). The firm had revenue of $7.48 million for the quarter, compared to the consensus estimate of $0.36 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $150.00 price target on shares of Praxis Precision Medicines in a research note on Monday, February 10th. Truist Financial upped their price objective on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a “buy” rating and a $111.00 target price for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $145.20.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its position in shares of Praxis Precision Medicines by 7.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,208,522 shares of the company’s stock valued at $93,008,000 after buying an additional 88,442 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Praxis Precision Medicines by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company’s stock worth $81,858,000 after purchasing an additional 24,645 shares in the last quarter. VR Adviser LLC lifted its holdings in Praxis Precision Medicines by 40.2% in the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock worth $76,189,000 after purchasing an additional 283,854 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Praxis Precision Medicines by 77.5% in the 4th quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock worth $71,621,000 after purchasing an additional 405,957 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in Praxis Precision Medicines by 5,437.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock worth $43,027,000 after purchasing an additional 548,986 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Performance

The stock has a fifty day moving average of $76.23 and a 200 day moving average of $69.54. The company has a market capitalization of $719.43 million, a PE ratio of -3.75 and a beta of 2.65.

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.