Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 3.7%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares were down 3.7% during mid-day trading on Thursday . The stock traded as low as $38.96 and last traded at $38.97. Approximately 62,436 shares were traded during trading, a decline of 76% from the average daily volume of 256,643 shares. The stock had previously closed at $40.47.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PRAX shares. Truist Financial reaffirmed a “buy” rating and set a $150.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, May 16th. Guggenheim started coverage on Praxis Precision Medicines in a research note on Tuesday, June 18th. They issued a “buy” rating and a $155.00 target price on the stock. Needham & Company LLC started coverage on Praxis Precision Medicines in a research note on Monday, June 24th. They issued a “buy” rating and a $145.00 target price on the stock. Robert W. Baird started coverage on Praxis Precision Medicines in a research note on Wednesday, May 1st. They issued an “outperform” rating and a $117.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $105.00 target price on shares of Praxis Precision Medicines in a research note on Tuesday, May 14th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $118.43.

Praxis Precision Medicines Stock Performance

The company has a fifty day moving average of $45.50 and a two-hundred day moving average of $43.27.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Monday, May 13th. The company reported ($2.84) EPS for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.83). Praxis Precision Medicines had a negative return on equity of 101.99% and a negative net margin of 5,711.85%. The company had revenue of $0.43 million for the quarter, compared to the consensus estimate of $2.75 million. Analysts predict that Praxis Precision Medicines, Inc. will post -10.13 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently modified their holdings of PRAX. Citigroup Inc. grew its position in Praxis Precision Medicines by 44,585.5% during the 3rd quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock worth $142,000 after acquiring an additional 82,929 shares during the last quarter. Acuta Capital Partners LLC lifted its holdings in Praxis Precision Medicines by 5.5% during the 3rd quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock worth $7,669,000 after buying an additional 235,000 shares during the period. Wildcat Capital Management LLC acquired a new position in Praxis Precision Medicines during the 4th quarter worth about $373,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Praxis Precision Medicines by 45.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock worth $96,000 after buying an additional 17,428 shares during the period. Finally, Adage Capital Partners GP L.L.C. lifted its holdings in Praxis Precision Medicines by 10.7% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock worth $15,014,000 after buying an additional 849,362 shares during the period. Institutional investors 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.