Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 13.2% – Here’s What Happened

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) were down 13.2% during trading on Wednesday . The stock traded as low as $58.84 and last traded at $63.12. Approximately 476,133 shares changed hands during trading, an increase of 74% from the average daily volume of 273,494 shares. The stock had previously closed at $72.73.

Analyst Upgrades and Downgrades

PRAX has been the topic of a number of recent analyst reports. Guggenheim increased their price target on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Oppenheimer raised their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $145.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, September 3rd. HC Wainwright reissued a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, September 10th. Finally, Wedbush raised their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $145.67.

Praxis Precision Medicines Price Performance

The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of -7.01 and a beta of 2.67. The business’s 50-day moving average price is $63.33 and its 200 day moving average price is $53.59.

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 firm had revenue of $0.36 million for the quarter, compared to analyst estimates 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%. As a group, sell-side analysts expect that Praxis Precision Medicines, Inc. will post -8.5 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors and hedge funds have recently made changes to their positions in PRAX. Amalgamated Bank bought a new stake in shares of Praxis Precision Medicines in the second quarter worth $25,000. Quarry LP bought a new stake in shares of Praxis Precision Medicines in the 2nd quarter worth about $83,000. US Bancorp DE raised its stake in shares of Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after purchasing an additional 605 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Praxis Precision Medicines during the first quarter worth about $150,000. Finally, Mesirow Financial Investment Management Inc. bought a new position in shares of Praxis Precision Medicines during the third quarter worth about $231,000. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.