Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 6.7% – What’s Next?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares dropped 6.7% during trading on Thursday . The stock traded as low as $35.00 and last traded at $35.31. Approximately 24,889 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 474,670 shares. The stock had previously closed at $37.85.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Robert W. Baird dropped their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a research report on Monday. Wedbush cut shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a report on Friday, February 28th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a “buy” rating and a $111.00 price objective for the company. Truist Financial lowered their target price on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research note on Monday. Finally, Needham & Company LLC reduced their price target on Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company. Based on data from MarketBeat, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and an average target price of $123.80.

Praxis Precision Medicines Stock Performance

The stock has a 50 day moving average of $73.74 and a 200-day moving average of $69.30. The company has a market cap of $715.56 million, a PE ratio of -3.45 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Friday, February 28th. The company reported ($2.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.76) by ($0.18). The firm had revenue of $7.48 million during 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%. Equities research analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently made changes to their positions in PRAX. Price T Rowe Associates Inc. MD boosted its holdings in Praxis Precision Medicines by 7.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,208,522 shares of the company’s stock valued at $93,008,000 after purchasing an additional 88,442 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Praxis Precision Medicines by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company’s stock valued at $81,858,000 after buying an additional 24,645 shares during the period. VR Adviser LLC boosted its stake in shares of Praxis Precision Medicines by 40.2% in the fourth quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock worth $76,189,000 after buying an additional 283,854 shares during the last quarter. Janus Henderson Group PLC grew its holdings in Praxis Precision Medicines by 77.5% during the fourth quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock worth $71,621,000 after acquiring an additional 405,957 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in Praxis Precision Medicines by 5,437.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after acquiring an additional 548,986 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

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.