Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 6.7% – Should You Sell?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares fell 6.7% during mid-day trading on Thursday . The stock traded as low as $35.00 and last traded at $35.31. 24,889 shares were traded during mid-day trading, a decline of 95% from the average session volume of 474,670 shares. The stock had previously closed at $37.85.

Analysts Set New Price Targets

Several analysts recently commented on PRAX shares. HC Wainwright dropped their price target on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating on the stock in a research report on Monday. Deutsche Bank Aktiengesellschaft began coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a “buy” rating and a $111.00 target price on the stock. Truist Financial cut their price target on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research note on Monday. Wedbush downgraded Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research report on Friday, February 28th. Finally, Needham & Company LLC dropped their price objective on Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a report on Monday. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $123.80.

Praxis Precision Medicines Stock Down 6.2 %

The firm has a 50-day moving average price of $73.74 and a two-hundred day moving average price of $69.30. The firm has a market cap of $715.56 million, a PE ratio of -3.45 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Friday, February 28th. The company reported ($2.94) EPS for the quarter, missing the consensus estimate of ($2.76) by ($0.18). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The firm had revenue of $7.48 million during the quarter, compared to analyst estimates of $0.36 million. Research analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently modified their holdings of PRAX. CIBC Asset Management Inc raised its holdings in Praxis Precision Medicines by 47.3% in the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company’s stock valued at $28,226,000 after acquiring an additional 117,817 shares during the last quarter. Barclays PLC increased its holdings in shares of Praxis Precision Medicines by 126.8% in the third quarter. Barclays PLC now owns 37,130 shares of the company’s stock valued at $2,136,000 after purchasing an additional 20,759 shares during the last quarter. Franklin Resources Inc. lifted its position in Praxis Precision Medicines by 85.6% during the third 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 in the last quarter. BNP Paribas Financial Markets boosted its stake in Praxis Precision Medicines by 369.4% during 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 last quarter. Finally, China Universal Asset Management Co. Ltd. purchased a new stake in Praxis Precision Medicines in the 4th quarter valued at $304,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.