Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 6.2% – Here’s What Happened

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price was down 6.2% during trading on Tuesday . The stock traded as low as $36.91 and last traded at $36.52. Approximately 93,359 shares were traded during trading, a decline of 73% from the average daily volume of 347,516 shares. The stock had previously closed at $38.93.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PRAX shares. Robert W. Baird reduced their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. HC Wainwright cut their target price on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Needham & Company LLC lowered their price target on shares of Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Truist Financial cut their price objective on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft started 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. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $123.80.

Praxis Precision Medicines Stock Performance

The company has a 50 day simple moving average of $67.32 and a 200 day simple moving average of $68.64. The company has a market capitalization of $748.75 million, a PE ratio of -3.64 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results 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 return on equity of 54.86% and a negative net margin of 9,409.22%. The firm had revenue of $7.48 million for the quarter, compared to analysts’ expectations of $0.36 million. As a group, equities research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently bought and sold shares of the business. GF Fund Management CO. LTD. purchased a new position in Praxis Precision Medicines in the 4th quarter worth approximately $30,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Praxis Precision Medicines during the fourth quarter worth approximately $48,000. Graham Capital Management L.P. purchased a new position in Praxis Precision Medicines during the fourth quarter worth approximately $209,000. KLP Kapitalforvaltning AS acquired a new position in Praxis Precision Medicines during the fourth quarter worth $215,000. Finally, Intech Investment Management LLC purchased a new stake in Praxis Precision Medicines in the 3rd quarter valued at $217,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.