Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 6.2% – Here’s Why

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Needham & Company LLC lowered their price target on Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. HC Wainwright lowered their price target on Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Wedbush cut Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a report on Friday, February 28th. Truist Financial reduced their target price on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Finally, Robert W. Baird reduced their target price on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $123.80.

Praxis Precision Medicines Trading Up 0.5 %

The company has a market cap of $782.83 million, a PE ratio of -3.79 and a beta of 2.76. The business has a 50 day simple moving average of $65.80 and a two-hundred day simple moving average of $68.32.

Praxis Precision Medicines (NASDAQ:PRAX) last issued 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 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%. On average, equities research analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PRAX. Intech Investment Management LLC purchased a new position in shares of Praxis Precision Medicines in the 3rd quarter worth $217,000. Charles Schwab Investment Management Inc. increased its holdings in Praxis Precision Medicines by 188.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 137,052 shares of the company’s stock valued at $7,886,000 after purchasing an additional 89,578 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Praxis Precision Medicines by 369.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company’s stock valued at $548,000 after purchasing an additional 7,496 shares in the last quarter. Glenmede Trust Co. NA acquired a new stake in Praxis Precision Medicines in the 3rd quarter valued at $240,000. Finally, MetLife Investment Management LLC increased its holdings in Praxis Precision Medicines by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 10,131 shares of the company’s stock valued at $583,000 after purchasing an additional 5,708 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.