Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 7.1% – What’s Next?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares dropped 7.1% on Wednesday . The stock traded as low as $34.24 and last traded at $33.31. Approximately 42,160 shares were traded during trading, a decline of 88% from the average daily volume of 352,211 shares. The stock had previously closed at $35.86.

Analyst Ratings Changes

Several brokerages have commented on PRAX. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Praxis Precision Medicines in a research report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price target for the company. Truist Financial lowered their target price on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. HC Wainwright reduced their price target on Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. Needham & Company LLC lowered their price objective on Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Finally, Wedbush cut shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $123.33.

Praxis Precision Medicines Trading Up 1.7 %

The company has a market capitalization of $783.33 million, a price-to-earnings ratio of -3.77 and a beta of 2.76. The firm’s 50 day simple moving average is $62.18 and its 200-day simple moving average is $67.45.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Friday, February 28th. The company reported ($2.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). The business had revenue of $7.48 million during the quarter, compared to analysts’ expectations 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%. As a group, sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several institutional investors have recently made changes to their positions in the stock. GF Fund Management CO. LTD. acquired a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at about $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at approximately $48,000. Graham Capital Management L.P. purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter worth approximately $209,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Praxis Precision Medicines in the 4th quarter worth approximately $215,000. Finally, Intech Investment Management LLC purchased a new position in Praxis Precision Medicines in the 3rd quarter valued at approximately $217,000. 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.