Praxis Precision Medicines (NASDAQ:PRAX) Shares Gap Down After Earnings Miss

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price gapped down before the market opened on Friday following a weaker than expected 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.

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%.

Wall Street Analyst Weigh In

PRAX has been the topic of a number of analyst reports. Oppenheimer boosted their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. HC Wainwright restated a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, December 12th. Needham & Company LLC reiterated a “buy” rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a report on Monday, February 10th. Deutsche Bank Aktiengesellschaft began coverage on 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. Finally, Truist Financial upped their target price on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Praxis Precision Medicines has an average rating of “Moderate Buy” and a consensus target price of $145.20.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors have recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. bought a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at $30,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Praxis Precision Medicines during the 4th quarter valued at about $48,000. US Bancorp DE boosted its stake in Praxis Precision Medicines by 35.9% during the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after acquiring an additional 605 shares in the last quarter. Graham Capital Management L.P. purchased a new stake in Praxis Precision Medicines in the fourth quarter worth about $209,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $215,000. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Down 37.4 %

The company’s fifty day moving average price is $76.99 and its 200-day moving average price is $69.63. The stock has a market capitalization of $758.55 million, a PE ratio of -3.96 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.