Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 6.2% – What’s Next?

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) traded down 6.2% during trading on Tuesday . The company traded as low as $36.91 and last traded at $36.52. 93,359 shares were traded during trading, a decline of 73% from the average session volume of 347,516 shares. The stock had previously closed at $38.93.

Analyst Upgrades and Downgrades

PRAX has been the topic of several recent analyst reports. HC Wainwright decreased their target price on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Robert W. Baird decreased their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Wedbush cut Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research note on Friday, February 28th. Needham & Company LLC decreased their price target on Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Finally, Truist Financial cut their price objective on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $123.80.

Praxis Precision Medicines Trading Down 4.6 %

The company has a fifty day moving average of $67.32 and a 200-day moving average of $68.64. The stock has a market cap of $748.75 million, a PE ratio of -3.64 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Friday, February 28th. The company reported ($2.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The business had revenue of $7.48 million for the quarter, compared to analysts’ expectations of $0.36 million. As a group, research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds have recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. acquired a new position in shares of Praxis Precision Medicines in the fourth quarter worth $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Praxis Precision Medicines during the 4th quarter worth $48,000. Graham Capital Management L.P. purchased a new stake in Praxis Precision Medicines during the 4th quarter worth about $209,000. KLP Kapitalforvaltning AS acquired a new stake in Praxis Precision Medicines in the 4th quarter valued at about $215,000. Finally, Intech Investment Management LLC purchased a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at about $217,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.