Robert W. Baird Lowers Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $73.00

Praxis Precision Medicines (NASDAQ:PRAX) had its price target lowered by Robert W. Baird from $117.00 to $73.00 in a research report report published on Monday,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

PRAX has been the topic of several other research reports. Truist Financial raised their target price on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Needham & Company LLC reissued a “buy” rating and set a $150.00 price objective on shares of Praxis Precision Medicines in a report on Monday, February 10th. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft initiated 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 objective on the stock. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $123.80.

Praxis Precision Medicines Price Performance

Shares of PRAX stock opened at $37.85 on Monday. The firm has a market cap of $763.17 million, a PE ratio of -3.67 and a beta of 2.76. The company has a 50-day moving average of $73.74 and a two-hundred day moving average of $69.30. Praxis Precision Medicines has a 1-year low of $30.01 and a 1-year high of $91.83.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PRAX. Assenagon Asset Management S.A. raised its stake in Praxis Precision Medicines by 5,437.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after purchasing an additional 548,986 shares during the last quarter. Janus Henderson Group PLC raised its stake in Praxis Precision Medicines by 77.5% in the 4th quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock valued at $71,621,000 after purchasing an additional 405,957 shares during the last quarter. VR Adviser LLC raised its stake in Praxis Precision Medicines by 40.2% in the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock valued at $76,189,000 after purchasing an additional 283,854 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in Praxis Precision Medicines in the 4th quarter valued at about $17,454,000. Finally, Franklin Resources Inc. raised its stake in Praxis Precision Medicines by 85.6% in the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after purchasing an additional 205,335 shares during the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

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.