Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 7.9%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares dropped 7.9% during mid-day trading on Monday . The stock traded as low as $56.45 and last traded at $56.64. Approximately 155,378 shares traded hands during trading, a decline of 44% from the average daily volume of 277,451 shares. The stock had previously closed at $61.51.

Wall Street Analyst Weigh In

PRAX has been the subject of a number of research reports. Piper Sandler reissued an “overweight” rating and set a $270.00 target price on shares of Praxis Precision Medicines in a research note on Monday, July 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $145.00 target price on shares of Praxis Precision Medicines in a research note on Tuesday, September 3rd. Wedbush raised their target price on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, September 10th. Finally, Guggenheim raised their price target on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $143.44.

Praxis Precision Medicines Trading Down 8.1 %

The firm has a market cap of $1.00 billion, a PE ratio of -3.57 and a beta of 2.72. The company has a 50 day moving average price of $55.31 and a 200 day moving average price of $50.78.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.38) by $0.64. Praxis Precision Medicines had a negative net margin of 6,987.01% and a negative return on equity of 61.47%. The company had revenue of $0.36 million for the quarter, compared to the consensus estimate of $1.44 million. As a group, equities research analysts anticipate that Praxis Precision Medicines, Inc. will post -8.5 earnings per share for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. raised its holdings in shares of Praxis Precision Medicines by 10.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock valued at $43,498,000 after buying an additional 97,561 shares during the period. RA Capital Management L.P. bought a new position in shares of Praxis Precision Medicines during the first quarter worth about $50,548,000. Vanguard Group Inc. lifted its position in shares of Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after purchasing an additional 373,131 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new position in Praxis Precision Medicines during the 1st quarter worth approximately $32,707,000. Finally, Kingdon Capital Management L.L.C. increased its holdings in shares of Praxis Precision Medicines by 1.0% in the 1st quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock valued at $21,357,000 after acquiring an additional 3,335 shares during the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.